New York, NY (PRWEB) January 14, 2013
Paramount Merchant Funding is branching out and taking on e-commerce, becoming among the first in the small business finance industry to jump into an investor pool that traditionally has had few willing swimmers.
Paramount is making a splash in the e-commerce pool with a young and fast-growing online specialty bedding and apparel company.
Florida-based Gilligan & Ferneman – which has six online stores under its wing – turned to Paramount for an infusion working capital to keep up an explosive growth spurt that has seen the five-year-old company’s revenues rocket from just over $200,000 annually a short four years ago to $2 million last year.
The ten-fold sales revenue increase landed Gilligan & Ferneman on Inc. Magazine’s 2011 Inc. 500, a listing of the 500 fastest growing companies in America. However, along with this exclusive distinction came higher demand. The company needed working capital quickly to boost inventory, keep up with this spike in demand, and get their product out to an ever-expanding customer base.
With such explosive growth and national recognition from the popular Inc. business magazine, Gilligan & Ferneman could have chosen a large bank or an investor, but instead opted to partner with Paramount Merchant Funding for its main line of financing.
The financing provided by Paramount is instrumental in Gilligan & Ferneman’s success and rapid growth.
The deal highlights a partnership between Gilligan & Ferneman and Paramount Merchant Funding that is fueled by the strong expansions and growth prospects of both of these successful companies.
Paramount Managing Partner Jared Feldman says the Midtown financial services company has confidence in the continued growth potential of the online retailer. Feldman noted that powerful sales were borne out by Gilligan & Ferneman’s billing records, which were among the factors Paramount considered as it moved ahead with a characteristically fast turnaround for the financing approvals.
“With Gilligan & Ferneman, we had to look at the bigger picture of how we could partner with them to grow their business,” Paramount’s Feldman said. “We took into account the fact that they needed additional inventory in order to boost sales and increase their revenue. Paramount also had the flexibility to consider Gilligan & Ferneman’s PayPal sales to get them approved quickly and increase their capital.”
“When we determined that we could use some additional funding, Andrew Mallinger from Paramount came to our aid,” William Gilligan, Chief Technology Officer for Gilligan & Ferneman, said of the partnership. “In just a few days, and with minimal headache, we were approved for – and received – the funding we needed. Paramount’s services are top notch. We look forward to an ongoing relationship as we continue to grow.”
“It was no surprise to watch Gilligan & Ferneman grow at such a rapid rate, and being able to partner with them and provide them working capital has been a pleasure,” Paramount Sales Manager Andrew Mallinger said. “As they’ve grown, we’ve been able to increase our line of credit to them, and we look forward to continuing this relationship into the future.”
And while Paramount also continues its strong commitment to traditional brick-and-mortar businesses, Managing Partner Feldman says Paramount’s investments in the world of e-commerce will continue to expand along with the growing popularity of online enterprises and strong web-based businesses like Gilligan & Ferneman.
Gilligan & Ferneman, LLC, founded in 2007 by William Gilligan and Michael Ferneman, specializes in B2C e-Commerce web sites offering unique bedding and clothing options. In 2012, Gilligan & Ferneman was recognized by Inc. Magazine as one of the “500 Fastest Growing Private Companies in America,” as well as ranking #21 in the “Top 100 Retail Companies.” Gilligan & Ferneman, LLC, is located in Kissimmee, Florida. Visit http://www.gilliganandferneman.com for more information.
Paramount Merchant Funding, based in Midtown Manhattan, was founded in 2008 to provide working capital solutions for small to medium sized businesses across the United States. The company was founded with a focus on providing businesses with working capital within just a few days by utilizing its state of the art technology platforms to manage transactions and provide transparency for the firm and its clients.
Since its founding, Paramount and its subsidiaries have provided more than $85 million to more than 3,000 businesses.
---- 30 ----