Paragon Financial Group Sees Large Increase in Food & Beverage Import Industry Financing
Paragon Financial Group has seen a major increase in the working capital needs of their food & beverage importer clients throughout the last quarter of 2014 and into 2015. Paragon’s import clients closely followed the biggest revenue gains in US food & beverage imports (US Census Bureau) between 2013 and 2014 including wine, beer and spirits, meat products, fish, nuts, coffee and olive oil.
“We have seen an increased demand for funding with many of our clients importing food from regions such as Spain, Chile, Peru, Ireland and Italy. Paragon is well positioned to fund these food & beverage import businesses. We quickly get import businesses the critical working capital they need”, said Jon Anselma, Paragon Financial’s Managing Partner.
Paragon Financial’s premium meat import clients have seen the largest boost in financing needs along the entire supply chain. Last year, the United States imported around $4.8 billion, worth of premium grass-fed, hormone-free beef according to the New York Times. Anselma said, “This month the US lifted a ban on beef imports from Ireland after more than 15 years. Ireland’s beef exports to the US may total 119 million dollars this year. Readily available working capital is required for importers to take advantage of these opportunities. We already see an impact on funding requests.”
Wine, beer and spirit importers have also seen a large demand for working capital. Much of the demand is from an increase in sparkling wine imports which is up 11.54 percent with overall wine imports up 2.53 percent over the same 10-month period last year, according to WorldCity analysis of the latest data.
About Paragon Financial Group
For over 20 years, US companies across all industries have selected Paragon Financial to meet their working capital needs. From government contractors to distribution companies, from staffing firms to manufacturers, business owners have successfully grown their companies with Paragon Financial’s invoice factoring, AR management, credit protection and purchase order financing programs. To get funded now, please call 888-271-9347 or visit http://www.paragonfinancial.net.