Paragon Financial Group announced that they have provided a $750,000 invoice factoring line of credit to a military technology company headquartered in Trenton, New Jersey. These financing facilities will enable the start-up company to pay their suppliers for manufacturing their product.
The company is owned by an entrepreneur with much past business success. They have developed a line of crutches designed specifically for war veterans. They recently received a large order for their product from a company that was working directly with the government. The company ran into a problem of not having sufficent capital to pay their manufacturers and suppliers. As a start-up business with little high end collateral or personal guarantee, they were considered non-bank worthy. This is when the company turned to Paragon for a factoring line of credit.
“They came to us based on a referral from another client, which is always the best compliment we can receive”, said Michael Rossi, President of Paragon Financial Group“. “This company has a great product for a wonderful cause, but as a start up business, they were unable to receive funds through traditional banking. Paragon is always open to working with start up businesses and that, combined with the referral, is what brought them to us.”
Paragon investigated the credit worthiness of the company’s suppliers, and was comfortable providing the $750,000 factoring line of credit. Without Paragon’s line of credit, the business would not have been able to fill their orders. Now that a relationship is established, they can continue an on-going process with their suppliers and manufacturers, and the business can continue to grow and thrive in the future.
About Paragon Financial Group
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. They serve small to large-size companies across a wide variety of industries through accounts receivable, invoice factoring, and purchase order financing up to $3 million per month in volume. Paragon is a leading source for receivables financing, government contract financing, payroll funding, and purchase order financing. For more information visit http://www.paragonfinancial.net.
Paragon Financial Group