06/3/2013 – Paragon Financial Sees Increase in Purchase Order Financing Associated with Increase in US International Trade
FOR IMMEDIATE RELEASE
Ft. Lauderdale, FL – June 4, 2013:
Paragon Financial Group (“Paragon”) sees exponential growth in purchase order financing demand across key industries. The United States Census Bureau’s May 2013 report matches this trend with nation’s international trade deficit in goods and services decreased to $38.8 billion in March from $43.6 billion (revised) in February, as imports decreased more than exports.
Purchase order financing (PO financing or PO funding) provides an advance to a company’s suppliers against a purchase order from a qualified customer so that the company can deliver the product to its customers on time and with the quality required.
Paragon Financial’s national sales manager, Chris Curtin, states, “We’ve seen rapid growth in purchase order and vendor guarantees. I believe it reflects growth of finished goods into the US.”
According to the US Bureau of Economic Analysis March exports of advanced technology products were the highest on record, climbing $4.9 billion to $27.9 billion. This is a 21.5% increase from the February level of $23.0 billion. The greatest increases came from gains in trade in the aerospace group ($1.8 billion) where we currently have a trade surplus of $5.7 billion. Exports in the information and communications group increased $1.3 billion, while exports in the nuclear technology group increased $0.6 billion.
PO financing provides the cash that aerospace and technology businesses need to both fill their customers’ orders and expand their business at the same time. It is particularly useful for companies that cannot obtain traditional funding based on their own financial condition or balance sheet, for example, startups, turnarounds, and others whose balance sheets cannot support traditional banking relationships.
“Our purchase order funding packages have been working well for our manufacturers, importers, distributors, wholesales and exporter clients in 2013. Companies that sell physical goods often find purchase order funding a great option in obtaining working capital for rapid growth”, says Curtin.
ABOUT PARAGON FINANCIAL GROUP
For over 19 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 https://www.paragonfinancial.net