Miami, FL, 8/11/2011 – Paragon Financial Group, Inc. has provided payroll funding via a factoring facility to a growing healthcare staffing agency based in Fayetteville, GA. The company provides temporary nurses to major hospitals throughout Georgia.
Healthcare facilities across the United States rely on staffing agencies to provide temporary and long-term nurses as the demand for healthcare remains at an all time high. For the last ten years, our client had run a successful nurses registry supplying nurses to healthcare facilities. Unfortunate circumstances resulted in a downsizing of the business. These changes led to daily operational difficulties and downward spiraling sales. The client’s initial payroll funding company had made a decision to terminate the factoring facility and called Paragon directly to see if we could replace them.
It was a challenge to underwrite a company in a turnaround situation. However, after extensive communication and due diligence, Paragon was assured the owner was committed to refocusing his efforts necessary to restore the company to its previous level of success.
Tom Longo, Senior Vice President of Paragon, notes, “This individual encountered some very extenuating circumstances that seriously impacted his business. We knew he needed to keep his cash flow moving or else his business would suffer even more than it already had. After an in depth look into events that led to the company’s current state, and with his renewed commitment, we decided to pay off the old factoring company and offer the payroll funding they needed to ramp back up.”
Paragon has provided payroll funding for temporary staffing agencies since 1994. Through our special invoice factoring program, companies have the opportunity to grow their company and meet payroll on time. Paragon’s services range from invoice factoring and payroll funding to purchase order financing and accounts receivable management. We also provide other working capital solutions to a wide variety of small to larger businesses in multiple industries.
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