Paragon Provides Factoring Line to Startup
Paragon Financial announced that they have provided a $350,000 factoring line of credit to a Bradenton, FL-based wood products company. The facility will enable the company to take on an oil and energy client with challenging credit.
The startup company supplies chemically treated renewable wood products to oil drill sites. This wood is used to relieve the environmental impact of the drilling process. Now that this process is proven, the demand has become so overwhelming that the company needed to look for an outside factoring company to help boost their cash flow to fulfill orders.
“Perhaps the most interesting part of this deal is that the owners of this company have experience as factoring brokers themselves,” said Michael Rossi, president of Paragon Financial Group. “With this new venture they needed to work with a company that could close the deal quickly and get them the cash that they needed fast, and they called Paragon. We closed within a week for them and now they are going to bring all their factoring deals to us. We think this is quite a compliment.”
With Paragon’s factoring line of credit, the company will be able to continue to grow their wood product distribution for the energy and oil industry and take on larger contracts.
Paragon Financial Group provides working capital solutions for growing companies throughout the U.S.