Factoring for the Firearms Industry

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po funding invoice factoring for firearmsFirearms are big business in America.  This includes but is not limited to shotguns, apparel, pistols, rifles, handguns, law enforcement products, hunting equipment, firearm safety and security products and ammunition.   The total economic impact is  well over 37 billion dollars.   The U.S. manufacturers more firearms than any other nation plus is the largest importer of handguns, rifles and shotguns.  Manufacturers, distributors and suppliers need cash flow in order to take advantage of the rapid growth in the industry.  They need to hire more employees, meet payroll, buy raw material and machinery.

There is so much demand that gun manufacturers have their production going 24 hours a day and are looking at ways to increase capacity.  Hornady ammunition, makers of some of the most popular self-defense ammo for concealed carry applications, said, “We’ve been steadily growing our production for a long time, especially the last five years. We’ve added presses, lathes, CNC equipment, people and space. Many popular items are produced 24 hours a day. Several hundred Hornady employees work overtime every week to produce as much as safely possible.”

Invoice factoring, work in process funding, purchase order financing and credit protection are all great funding options for the firearms industry.   These funding options are based on your clients credit worthiness, not your own companies.   This opens up funding to the unbankable because of IRS issues, concentration issues, starts-ups, turnarounds and other challenging situations.  You can receive up to 95% of the invoice amount within days of starting the application.

If you would like to discuss your working capital or credit protection needs, please call 888.400.5931, e-mail us to the right or chat with us now.

 

What Is Work In Process or WIP Financing

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What is WIP? Work in progress (WIP) is the part of inventory that is currently being worked on and is yet to be a finished good.  It is the part of the production process in-between the raw material and finished goods.  WIP includes items that are being fabricated or waiting for further processing or in storage.

If the product is pre-sold to a credit worthy customer and your business has a solid manufacturing process this unfinished product can be leveraged for funding.    Paragon Financial are one of the few non-bank lenders offering WIP financing.   There are many factors involved in funding a WIP including close evaluation of the manufacturing process to ensure a quality product that is delivered on time.   We are able to leverage our manufacturing expertise to help mitigate risk for all parties involved.

If you are a manufacturer that would like your WIP components to be considered for a funding give us a call at 888.400.5931, e-mail us to the right or chat with us now.

wip work in progress financing

Factoring Aerospace/Aircraft Suppliers

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financing for aerospace and aircrft suppliersCASE STUDY

Industry: Aerospace/Specialty Coating

Situation: The largest company in the world providing molded interior parts for the aerospace/aircraft parts industry was offered an opportunity to sell to a Tier One supplier in California.  With the condition that they open a plant right next door to the supplier to minimize packaging and transportation costs. Working with an international business consultant they incorporated and began the process of building the plant.   Funding was paramount and they ran into barriers with traditional bank financing to build their new site. Their business consultant referred them to Paragon Financial Group based on our experience working with foreign companies and opening U.S.-based operations.

The Deal: $850,000 factoring line of credit.

The U.S. subsidiary was foreign-owned and had no U.S. assets.  Therefore, Paragon needed a cross-corporate guarantee with the parent company which was larger and more credit-worthy. We put our diplomacy and negotiating skills to work and were able to seal the three-party deal after conducting due diligence on the international ownership.

Paragon Financial’s team worked through several layers of legalese with lawyers on both sides of the Atlantic, we ironed out the legal issues and flew out to the building site in California to get the contract signed.

Our invoice factoring and credit protection programs gave them access to the working capital they needed to support their U.S. based operations, assistance managing their accounts receivable, and serve as their domestic credit department.

Result:  The aeropsace/aircraft parts company had the financial resources they needed to hit the ground running right when the U.S. plant opened. Paragon Finacial’s dynamic and effective solutions helped the company take to the challenging steps needed to expand and grow.

If you would like to discuss your working capital or credit protection needs, please call 888.400.5931, e-mail us to the right or chat with us now.

 

Factoring for Scrap Metal Vendors

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invoice factoring scrap metalInvoice factoring and credit protection play an important role in the scrap metal recycling industry.   Often suppliers have to wait 30-60 days for payment and invoice factoring with credit protection can be the ideal solution to maintain proper levels of working capital.  Factoring allows metal companies of all kinds, from government contractors to start-ups to companies with concentration issues to be funded fast and easily with up to 95% of the invoice advanced.   The metal supplier industry is a growing and important industry in the United States:

Companies often collect scrap metal from a variety of sources, including junk cars, old machinery, appliances and construction waste, which enables many small companies to enter the industry and cater to a local market.  Scrap metal recycling in the U.S. remains an important source of supply for developing countries that need both ferrous and nonferrous metals to supplement their development. Over the five years to 2018, industry revenue is projected to increase per year on average.

If you would like to discuss your working capital or credit protection needs, please call 888.400.5931, e-mail us to the right or chat with us now.

Growing Your Business

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growing your businessTo grow your business successfully, you need all three of the following:

  1. A substantial number of prospective clients, who you can locate and connect with.
  2. These prospective clients need to have a problem, which your service provides the answer to.
  3. Finally, they need to be willing and able to pay you for solving their problem.

The three items above are what most people strive for to have a successful business.

However, if you want even more from your business, something exceptional, you need to do one thing differently. To be exceptional, you need to change number 2 on this list to:

These prospective clients need to have a problem, which ONLY your service provides the answer to.

Yes, it takes more effort to develop a uniquely valuable product or service, but the rewards are disproportionately high. For example, you no longer have to compete for business based on fees. Also, by deliberately choosing the type of problem to solve, you can predetermine the quality of clients you work with.

Here is a suggestion:

Think about gaps in the market — problems that are currently not being solved by existing providers. Dig deep. Stick with it until you get some answers. Keep working on it. Give it the time and energy it needs.

Why? Because you only need to get this right once for your whole world to change!

If you would like to discuss growing your business, please call 888.400.5931, e-mail us to the right or chat with us now.

The Paragon “Yes” Program For Disadvantaged, Minority & Government Suppliers & Contractors

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funding program for businessFounded in 1994, Paragon Financial offers fast growing disadvantaged,  minority & government suppliers an alternative to bank financing. When banks either will not loan or offer too little funds, paragon promptly supplies a steady stream of cash through invoice factoring.

Our Programs

  • Invoice Factoring, Vendor Guarantees, Credit Protection & Purchase Order Financing
  • Up to 90% Advance Rates with Online Invoice Submission, Reporting and D&B Reports
  • The Famous Paragon “Soft Touch” with your Clients and Contracting Officer
  • Paragon can move Quickly on New Client or High Growth Client Approval versus slow bank underwriting

Target Clients

  • Startups, Turnarounds, Bank Exiting and Non or Under-Bankable Relationships
  • Personal Credit of Owner is not an issue; we look at our Client’s Customer’s ability to pay
  • Fast Growing Client with sales of $25,000 – $3,000,000 per month
  • Government Contractors for All Industries
  • Disadvantaged & Minority Suppliers

What is needed to get started? A Simple One-Page Application!

ABOUT PARAGON FINANCIAL GROUP

For 20 years, Paragon Financial Group has provided working capital solutions for growing and non or under-bankable companies throughout the United States.  For fast funding or more information, please contact Chris Curtin, National Sales Manager at chris@ParagonFinancial.net, (561) 758-6285 (personal cellular) or toll-free (800) 897-5431.

National Encore Entrepreneur Mentor Month

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sba loan factoringThe Small Business Administration (SBA) and AARP are teaming up to host National Encore Entrepreneur Mentor Month, targeting entrepreneurs over the age of 50. Building on last year’s successful strategic alliance, the two organizations provided nationwide mentoring and training to over 119,000 individuals. Throughout April, SBA district offices, state AARP offices and SBA resource partners will host more than 100 events (workshops, conferences, seminars, etc.) to help entrepreneurs 50+ start or grow a business.

The following are valuable links to SBA and AARP entrepreneur online resources:

Free Online Courses

Encore Entrepreneurship for Women

Encore Entrepreneurship Webinar Series

Virtual Help Desk

Invoice Factoring Provides Working Capital Solutions

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invoice factoring successInvoice factoring is an excellent funding option for your small to medium business.  Here are some of the many reasons to consider invoice factoring with Paragon Financial for your companies cash flow needs:

  • You can have credit issues but that doesn’t affect your ability to get funded.  We look at your clients creditworthiness, not yours.
  • Up to 95% advance rates with online invoice submission, reporting and D&B reports
  • The famous Paragon “Soft Touch” with your clients and contracting officer
  • Your business gets the money you need fast.  There are no long delays in getting approved compared to bank underwriting.
  • Invoice factoring works for un-bankable or under-bankable clients.
  • Start-ups, turnarounds, companies with tax liens or other IRS issues, concentration issues when you have one or very few clients and other challenging funding situations can all leverage invoice factoring.
  • Disadvantaged, minority suppliers & government contractors for all industries.
  • Your own credit department.   We are responsible for collecting payment from your client allowing you to focus on what you do best.
  • Get credit protection against bankruptcy and insolvency with every invoice factoring package.
  • Peace of mind backed by Paragon Financial’s 20 years of experience helping companies succeed.

If you would like to discuss your working capital or credit protection needs, please call 888.400.5931, e-mail us to the right or chat with us now.

Anchorage Alaska’s Top 15 Employers

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anchorage-ak-companiesAnchorage Alaska’s Top 15 Employers

1. Providence Health & Services (hospital/medical center)
2. Wal-Mart/Sam’s Club (grocery/general merchandise)
3. Carrs/Safeway (grocery)
4. Fred Meyer (grocery/general merchandise)
5. ASRC Energy Services (oil field services)
6. BP Exploration Alaska (oil and gas extraction)
7. NANA Management Services (catering/lodging/security)
8. CH2MHill (oil field services)
9. Alaska Airlines (air carrier)
10. Alaska Native Tribal Health Consortium (ANTHC) (hospital/medical center)
11. GCI Communications (communications)
12. Southcentral Foundation (hospital/medical center)
13. FedEx (air freight/courier service)
14. ConocoPhillips (oil and gas extraction)
15. Alaska USA Federal Credit Union (financial services)

Aircraft Parts Supplier Factoring

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aircraft-parts-supplier-financingThe civil aircraft and parts industry is valued at over 150 billion dollars per year and growing.   As an aircraft/aerospace parts supplier or distributor it is vital to take advantage of this growth by having the proper working capital.    This is where invoice factoring can be a highly effective funding solution for the aircraft parts industry.

There is no need to worry about your own credit with it comes to invoice factoring.   As an aircraft parts supplier you get funded based on the credit worthiness of your customer.   Paragon Financial can also work with aviation parts suppliers that have concentration issues, IRS tax lien issues and other challenging situations that create an un-bankable situation.   All of Paragon Financial’s invoice factoring and purchase order financing working capital solutions have credit protection built in.  If your client becomes insolvent or goes bankrupt you are protected.

Give us a call at 888.400.5931, e-mail to the right or chat with us now to find out more information on how we can get your fast working capital.

Build a Successful Marketing Plan – 15 Key Business Success Factors

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working-capital-successEvery marketing plan needs to include an industry analysis. Why? Because it is of critical importance to understand the industry you operate in, and to identify and track your performance to key business success factors (KSFs) for your organization.

Understanding your industry and identifying your KSFs will help in building a successful marketing plan; one that is based on measurable progress and results. A key success factor is an element of a whole that affects your business’ ability to do well in your market. Most businesses focus on between three and five of the most important (to their business) success factors. From time to time, or year to year, these key success factors may change, as the industry or the market changes.

15 Examples of Key Business Success Factors (and this is not a comprehensive list) are:

  1. Number of new customers per year;
  2. Number of lost customers per year OR the number of customers retained (it is important to understand and measure the potential customer lifetime value for each customer on a regular basis);
  3. Hire and retain excellent employees (measured by employee turn-over, job vacancies, customer satisfaction);
  4. Successful new product introductions (measured by sales and costs);
  5. Successful promotional programs (measured by sales and costs);
  6. Good/healthy financial indicators: for example, working capital, acceptable ratios (in particular debt to equity ratios), profit margins, cash flow, receivables and more;
  7. If in the manufacturing industry, high operating capacity utilization;
  8. Strong supplier network;
  9. Strong distribution network or channel;
  10. Successful product positioning;
  11. Low cost structure;
  12. Niche product/service – track the number of competitors entering and/or leaving the niche. Is the cost of entry into the market high or low?
  13. Market leader or follower or challenger, and is your relative market position and why? Are you able to support that position if under ‘attack’?
  14. Product differentiation: Do you have technology or service advantages that others can’t easily copy? How unique and differentiated is your product or service?
  15. Time to market: is your product or service able to be delivered quickly and easily; from the first point of contact to the time shipped and subsequently invoiced?

Once you have identified your specific KSFs, build strategies around those factors and integrate those strategies into your marketing and business plans to ensure business success. Develop measurement programs to help you track your progress against your success factors. You also need to assess your competition and see if your competitors’ key success factors are similar or different than yours (depending on your strengths and weaknesses and your marketing and business strategies, they might be very different). One way of comparing and assessing is to do a competitive strength analysis; find out what your competitors’ strengths and weaknesses are and build your competitive strategy accordingly. (A sample swot analysis can show you how to analyze the strengths, weaknesses, opportunities and threats that your business faces.)

For example, if retaining your existing customers is a key success factor, your business objective must be to grow sales with your existing customers. How do you do that? First, do a customer satisfaction survey to assess how satisfied your existing customers are (or aren’t). Then determine what needs to be changed and what you need to focus on. Make sure that you understand how your customers chose between competitors: is it price, service, quality, knowledge, reliability, relationships, or all of these factors? What product or service attributes are most important to your customers? What is the unique difference between your product or service and your competition’s product or service (from your customer’s perspective)?

Once you have identified your key success factors; built measurement devices to track them; assessed and compared your competitors’ KSFs – and the industry’s; built your strategies and objectives into your marketing and business plans(phew!); you need to act! Build your business on these key success factors.

http://www.2bornot2b.ca

 

Invoice Factoring and the Oil and Gas Boom

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invoice-factoring-oil-gasThe Oil and Gas Boom continues to stimulate growth and that’s where funding solutions such as invoice factoring become so important.  New 2013 census information shows that 6 of the 10 fastest-growing metropolitan areas and 8 of the 10 fastest-growing counties in the country are located in or near the oil- and gas-rich fields of the Great Plains and Mountain West.

Neighboring cities Odessa and Midland, Texas, show up as the second and third fastest-growing metro areas in the country.  Energy production is one of the fastest-growing industries in the United States, the Census Bureau said. The boom in the U.S. follows the use of new technologies, such as hydraulic fracturing and horizontal drilling, to tap oil and gas reserves.

According to its data, revenue for mining, quarrying, and oil and gas extraction grew 34.2 percent to $555.2 billion from 2007 to 2012. It also was among the fastest growers in employment as the number of employees rose 23.3 percent to 903,641.

With this growth comes funding needs for small to medium businesses in all kinds of industries.  It’s peripheral industries that are growing as well like construction, janitorial services, medical, food service and more.   Don’t think you can’t take advantage of this growth if the bank isn’t approving your business for a loan.   Invoice factoring works for start-ups, client concentration issues, tax lien IRS issues and many more.   Factoring looks at the credit of your client, not your own.  This open up incredible opportunities not previously realized.

Give us a call, e-mail to the right or chat with us now to find out more on how we can help fund and grow your business.

 

Overview of the Staffing Services Industry

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staffing-growthStaffing companies act as intermediaries providing contract, temporary, and permanent staff to businesses with specialized workers. Major companies include Adecco, Randstad, ManpowerGroup, Allegis and Recruit accounting for over 20 percent of the market.   The US Affordable Health Care act and other economic and political drivers have increased the demand for the personnel staffing industry with yearly growth estimated at 6%.   Small staffing companies tend to compete by specializing in a niche industry or a job function.

The US industry is divided into three major segments:

1) Temporary help services (50% of the industry)

2) Professional employer organizations (PEOs)  (45% of the industry)

3) Placement agencies (5% of the industry)

Temporary agencies find employees to fill short-term temporary jobs. Temps are often hired to work seasonally such as Christmas or to cover vacations or illnesses or other employees.   A PEO is a firm that provides HR services under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers’ compensation, recruiting and other human resources roles.  Placement agencies provide services such as career counseling, resume preparation, employer contacts, and interview opportunities for those seeking positions.

At Paragon Financial we’ve been working with the staffing industry to help with their working capital for over 20 years.  We are proud to help the industry grow, help staffing companies meet payroll when cash is tight and overall help create opportunity.    Give us a call, e-mail us or chat now about your working capital needs.

 

Invoice Factoring for Pallet Manufacturer Companies

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pallet manufacturer financingThere are more than 1.8 billion pallets in service in the United States each and every day.  The shear amount creates a logistical challenge along the entire suppler chain.   The challenges include financing issues such as meeting payroll and aging account receivables.    Paragon Financial offers invoice factoring programs for pallet companies to specifically boost their working capital when clients do not meet their AR obligations in a timing manner.

Each of our factoring programs includes credit protection and we work with companies that have tax issues, start-ups and other complex funding challenges.   With over 20 years experience working with niche industries like pallet manufacturers, we have the ability to react fast and precise to your specific funding needs.

Give us a call, e-mail or chat right now to find out more.

 

 

Interesting Pallet Industry Facts

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pallet-industry-financingParagon Financial provides funding solutions to the pallet industry along the entire supply chain.  Here are some interesting facts about this industry:

  • There are more than 1.8 billion pallets in service in the United States each day. This figure does not include the many more millions of pallets used to ship goods internationally.
  • More than $400 billion worth of American trade is exported annually on wood pallets and containers worldwide.
  • Ninety-five percent of all U.S. packaged products are shipped on pallets, 92 percent of which are made from wood.
  • Wood packaging is the most cost-effective transport and storage platform.

Contact us today about funding options for your pallet business.