10/30/15 – Paragon Financial Group Announces 3rd Quarter Increase in Spirits Industry Funding Deals
MIAMI, FL– Paragon Financial Group announces a 15% increase in accounts receivable factoring and purchase order financing services for their U.S. spirit industry import and distribution clients in the 3rd quarter of 2015 as compared to 2nd quarter 2015. Paragon Financial’s U.S. spirit suppliers and importers are pointing to demand for premium spirits and overall market growth for their increase working capital needs.
Industry wide, supplier sales for the U.S. distilled spirits industry were up 4% to $23.1bn last year according to the Distilled Spirits Council. Along with US revenues for bourbon and Tennessee whiskey rising by 9.6% to $2.7bn last year according to the Distilled Spirits Council. Over the past six years, from 2009 to 2014, annual revenue has increased by 46.7 percent.
“Consumers are also becoming more discerning, creating an increase in demand for premium alcohol and the many ways to enjoy it, hence the rise of the cocktail industry” said Alexandre Rodrigues, global head of public relations for World Class and Diageo Reserve Brands.
Paragon Financial’s National Sales Manager, Chris Curtin, says, “We are seeing the impact of exponential growth in the high-end spirits market and the overall spirit sector with the increased need for quick and easy access to working capital. Only 21 percent of small businesses get approved for traditional commercial finance through bank lending. At Paragon Financial we provide the funding spirit suppliers and importers need through a streamlined, easy online process that allows our clients to take advantage of opportunities without delay.”
About Paragon Financial Group
For over two decades, US companies across all industries have selected Paragon Financial to meet their working capital needs. Non-Recourse Accounts Receivable Facilities are available up to $3,000,000 USD.
From government contractors to distribution companies, from staffing firms to manufacturers; business owners have successfully grown their companies with Paragon Financial’s Non-Bank Invoice Factoring, Accounts Receivable Management, Credit Protection and Purchase Order Financing Programs. For fast funding now, please call 888-271-9347 ext 1 or visit our website paragonfinancial.net.