Magnolia Financial has announced the opening of a regional sales office in Brunswick, GA to expand its presence in the dynamic Coastal Georgia and North Florida marke.

The Spartanburg-based company also announced it has hired Mike Parrish to head its new office. A longtime commercial finance industry executive, Parrish was most recently in Commercial Real Estate.  He has held various business development positions for both regional banks and independent Factoring / Asset-Based Lending organizations.  Parrish is a member of the Commercial Finance Association, International Factoring Association and the Risk Management Association.

“Mike has a proven track record of finding unique cash flow solutions for a diverse range of companies,” Magnolia Financial President Marc Smith said. “Mike’s addition to our team and his leadership in our new Coastal Georgia office will allow us to significantly increase our presence in that market.”

Founded in 1999, Magnolia Financial is an asset-based lender providing accounts receivable lines of credit to companies that typically are unable to secure traditional bank financing. Magnolia provides working capital lines of credit from $20,000 to $2 million.