Paragon Provides Factoring Line to Startup Distribution Company
Paragon Financial Group announced that it has provided a $600,000 invoice factoring line of credit to a startup metals supply distributor. The financing will enable the company to take on new clients and build their business.
Based in Charlotte, NC, the company was founded in 2012 by a former top metals salesman. The owner saw first-hand the effects of shifting industry dynamics and a continually changing landscape of national service centers and wholesalers on his long-term customers. Many were left without a technical expert with a specialized knowledge of the industry. Recognizing that this was a void in the market he could fill, he leveraged his network of suppliers, buyers and industry contacts to start a distribution company, which could provide the best products and prices for its clients. Unfortunately, the one thing he lacked was sufficient working capital to build the business.
The company heard about Paragon Financial through its broker. After comparing factoring companies, it found that Paragon had the understanding and willingness to work with a startup company with a solid business plan.
“There was competition on this deal,” said Michael Rossi, president of Paragon Financial Group. “They chose Paragon for our willingness to work with start-up companies. We are happy that we could help this young company grow their business with the factoring line of credit in place.”
With Paragon’s factoring line of credit, the company will be able to support their new customers, and continue to expand its growing business.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. It serves small to large-size companies across a wide variety of industries through invoice factoring, and purchase order financing up to $3 million per month in volume.