Ft. Lauderdale, FL, December 15, 2011: Paragon Financial Group (“Paragon”) today announced that it has provided a $500,000 accounts receivable financing line to a telecommunications company. The facility will provide ongoing working capital to grow the Company.
Headquartered in Dallas, TX, the company provides telecommunication and infrastructure services to Comcast, mainly providing underground cable installation and tower services at construction sites. The Company’s two owners had worked in the industry for many years and had struck out on their own two years ago.
The Company landed a valuable new contract with a prime cable provider. In order to meet the personnel demands of the new contract, the company needed to add technicians, which meant increased payroll, benefits and related expenses. Waiting 30, 60 or sometimes 90 days for invoices to be paid put the Company in a cash crunch and they were unable to meet new payroll expenses.
Although the company was aware of accounts receivable financing, they had not considered it until they heard about Paragon through their broker. Paragon’s receivable financing quickly provided the company with the cash flow they needed, when they needed it, so they could take advantage of new contracts and continue to grow their young company.
“The company has the potential to double their business with the accounts receivable facility in place,” said Michael Rossi, President of Paragon Financial Group. “We are happy to help this young company grow and succeed. Financing cable contractors is one of our specialties. We have been working with cable contractors since 1994 and have the expertise and industry knowledge that clients can rely on when looking for a financing partner.”
ABOUT PARAGON FINANCIAL GROUP
Paragon provides business financing solutions for cable contractors dealing with the major providers such as Comcast, Cox Cable, AT&T, Time Warner, Charter, and more. We work with a wide variety of companies within the cable industry, including cable installation, door-to-door cable sales, drop bury, disconnects, and boring contractors. We also provide working capital solutions to a variety of small to larger businesses in multiple other industries through our receivables factoring and purchase order financing programs.
For additional information, contact:
Media Contact: Lisa Rubano
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