Lighting and Energy Conservation Factoring Case Study

Lighting & Energy Conservation Factoring Case Study

Lighting and Energy Conservation Factoring Case Study

Shedding New Light on an Old Relationship

Client: Lighting Company

Industry: Lighting and Energy Conservation

Situation:

Located in Boston, MA, this forward-thinking company provides cost-effective turnkey lighting solutions from design through installation and ongoing service. Working for commercial, industrial and utility markets, each project is a huge, labor-intensive undertaking, and they relied on invoice factoring to finance payroll. They had been working with Paragon Financial on a steady basis. That is until they perceived a need to move toward a more traditional finance relationship. But we kept in touch.

After four years with another finance company, the Company called Paragon and asked to come back “home.” The relationship with the other finance company had soured. What’s worse, the finance company looked like they were going to go out of business and couldn’t fund any longer. The Company needed to get out of a bad situation quickly.

The Solution:

Paragon Financial immediately responded with a $1.5 million invoice factoring deal, working under tight time constraints to get the payment for the other finance company. Though being familiar with the Company made it easier, we still had to do the buyout agreement, get all the contracts signed and do all the verifications within five days. We worked around the clock and got it done on time.

Result:

With a new, reliable source of working capital in place, the Company was able to fund payroll and continue taking on new projects without a single hiccup.

“Having a customer return after four years demonstrates the strength of the relationships we develop. They were comfortable with our people and happy with our flexibility, which made it easy for them to return,” said Michael Rossi, president of Paragon.

At Paragon Financial we have been funding for over 26 years. We understand your specific industry needs.   Give us a call at 888-271-9347 today, fill out the form to the right or chat with us.

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