FT. LAUDERDALE, Fla., June 18, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Paragon Financial Group has seen a major increase in the working capital needs of their spirits industry clients going into the 2nd quarter of 2014. With tequila distributors, suppliers and vendors leading the way for invoice factoring, purchase order funding and credit protection in the spirits sector. Consumer demand for high-end tequila is a major catalyst behind this need with high-end premium growing 192.6% and super premium at 455.9% since 2003 for a total of $2 billion dollars in supplier revenue for all tequila in 2013, according to the Distilled Spirits Council, Economic & Strategic Analysis Dept.
American consumption of blue agave tequila increased at nearly double the growth of the overall U.S. liquor market alone. Increasing at an average rate of 4.1 percent from 2006 to 2011, according to researcher International Wine & Spirit Research.
Casa Noble Tequila president and COO David Ravandi said, "It is no longer a fad. The fact that 100% agave Tequila exports have increased tremendously over the last two years is extremely positive for the product's outlook in the years to come."
Distilled Spirits Council reports that Tequila's super-premium segment was up 9.1% by volume in the U.S. last year. "It's apparent that consumers have come to understand just how different--and better--those Tequilas are at the top end of the category," said John McDonnell, president, international and COO of Patrón Spirits Co.
Chris Curtin, Paragon Financial's National Sales Manager said, "Paragon Financial is well positioned to fund the spirits sector. With Paragon's Wine, Beer and Spirit's expertise, we can help industry suppliers, distillers, brewers, importers and distributors; including those with challenging financing situations. Paragon also works with start-ups and companies with client concentration."
About Paragon Financial Group
For 20 years, companies in all industries have been choosing Paragon Financial Group 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, credit protection and purchase order financing programs. To get funded now, please call 888-271-9347 or visit paragonfinancial.net.
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