The Top 5 Business Challenges in 2016

Fear is dominant in today’s economy from the volatility of the stock market to unknown/unwanted rules and regulations pouring down from the federal government to oil prices unexpectedly plunging, to the possibility of yet another recession around the corner. Fear can be debilitating and makes running your business that much more challenging. The best thing to combat fear is education and positioning yourself to be smart and ahead of the curve with your business in 2016 and beyond.

1. Government Risk & Regulations

Running a profitable small business is hard enough, now add the ever-increasing government regulations that are constantly changing and creating serious headaches. From $15 minimum wage hikes to required health care for all your full-time employees, to higher overtime expenses, small business is experiencing a slew of regulations that severely affect their ability to run their businesses.

For over 5 years running, small business owners have cited regulations as a top impediment to conducting business according to the NFIB Small Business Optimism Index.

“We’re going beyond the point where we can comfortably operate a functioning business and meet the requirements of these laws,” says Diana Lamon, a Los Angeles restaurateur.

Check out the many facts and figures regarding the impact of government risk & regulations here.

2. Your Company Being Sued

Everything is going well in your business than out of nowhere a major contract falls through and you cannot pay a supplier or perhaps a customer falls ill from one of your products. These scenarios do and can happen and when they do, lawsuits are coming next.

Do you believe you are personally protected? Think again, if your company is not set up properly it opens up the possibility of losing your home or other personal assets. This is known as ‘piercing the corporate veil’. Are you still running your business as a sole proprietor? Are you loose with personal expenditures vs real company expenses? For example, if it appears to a judge you have deliberately run your company into debt you can be held personally responsible.

Proper insurance is also essential to protect yourself from lawsuits. Get advice from your trusted lawyer, CPA, commercial insurance consultants and other mentors in your industry on the types of insurance your company requires. Being insured is one thing, but being properly insured is what is going to protect you.

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3. Hiring

You think hiring new employees is no big deal in today’s economy?  Think again, the job market has been favoring candidates over employers. There might be more individuals looking for work or a better job, but that isn’t translating into the qualified candidate’s companies are looking for.

“It’s going beyond the traditional hot job sectors of tech and health care at this point. The truck driver might be a harder job to fill right now than a software developer,” says Tim Sackett, an HR blogger, and president of HRU Technical Resources. “I actually have hiring managers say to me, ‘Just find us people who will actually show up and work’ — and these are for professional jobs.”

Many companies are providing more perks such as free lunches or gym memberships to help recruit and retain employees. In the IT space, companies are offering sign-on bonuses, paying relocation costs, free medical and dental insurance, company-paid mobile or car plan and even unlimited vacation.

4. Funding

We all know getting a business loan isn’t like it used to be. Only 21% of companies applying for a commercial loan at a traditional bank get approved. There is a dizzying array of ‘loan’ products out there from the incredibly high rates of an MCA/ACH loan to online small business lenders offering cash to high-risk companies with approvals right online. Of course, this is a house of financial cards ready to come crashing down.

Deciding where and how you get your company funded is one of the most important decisions you will make as a business. Do you have IRS issues? Are you a start-up? Do you want to take on additional debt? Does the funding company have the experience to help you navigate through all the ins-and-outs of your specific situation?

Obtaining the proper funding advice is crucial to your business success.

5. Technology
Changing technology is nothing new in 2016, but it’s no less of a challenge for companies of all sizes and industries. From cybersecurity to keeping up with competitors, dealing with technology is no easy task. With each passing day, it becomes more crucial your company takes their business process online. As the new generation becomes your critical buyers and partners, they will expect to have online tools to complete business.

Those companies that continue to do business the old way, no matter how established, will suffer from not adapting. Just March of last year the number of mobile-only adult internet users exceeded the number of desktop-only internet users. For example, more people will open this blog on a smartphone than on a desktop. Has your company had discussions of new mobile apps, integrating new technologies into your business processes or even cloud computing? Better get this conversation started or you could be left behind by your more tech-savvy competitors.

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How to Get a Business Loan with Bad Credit

Your personal and business credit history is less than stellar. In fact, it’s just plain bad, at the same time your business needs financing for working capital. Your customers tend to pay their invoices slowly and you’re desperate for a bank loan.

Business owners find themselves in this challenge for a broad range of reasons. You already know bank loans are not a possibility because lenders look to your profitability, cash flow, and credit history when applying for a loan. The good news is there is affordable working capital available to businesses with bad credit.

Even With Bad Credit, You Can Obtain the Funding You Need

When banks say no, invoice factoring is often the perfect and affordable cash flow solution for your small business. Invoice factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (invoices) to a third party (called a factor) at a discount. The business can meet its present and immediate cash needs.

Unlike traditional financing such as bank lending, invoice factoring enables your business to build capital based on the creditworthiness of your customers, rather than on the credit standing of your business or your personal credit rating. Start-ups, minority-owned, government contracts and client concentration issues can all leverage factoring when the owner has poor credit.

Before a factoring transaction takes place, the factoring firm runs a check on your customers’ creditworthiness to determine whether it will factor those receivables. If your customer has a good credit standing, there is an excellent chance the factoring company will purchase your invoice.

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What Are the Benefits of Invoice Factoring vs a Bank Loan?

  • Cash in your hands in as little as 24 hours
  • Up to 90% advanced on your invoices
  • We become your credit department
  • IRS issues and liens can often be a nonfactor
  • Pre-approve your client’s credit
  • All kinds of industries get approved
  • Credit protection against bankruptcy through Paragon’s Non Recourse Factoring

How Does Invoice Factoring Work with Bad Credit?

You sell your open invoices from a credit worthy customer to a factoring company at a discount. The factor then advances you a percentage of the face value of the invoices up to 90%. When your customer pays the invoice amount to the factor, the factor remits the balance to you, less a small percentage fee for their services.

The advance on the invoice provides you with immediate working capital, rather than waiting for 30, 60 or even 90 days for payment by your customers.

Even with bad credit, you can obtain the funding you need. You may even be able to factor your invoices if your company has filed for bankruptcy protection.

In addition to obtaining immediate cash, invoice factoring provides you with additional benefits. For example, factoring is not a loan and doesn’t add to the debt level on your balance sheet. Thus, factoring does not raise key financial ratios such as your debt-to-equity.

And invoice factoring is very affordable compared with other types of alternative financing available to a business with bad credit.

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Top 5 Accounts Receivable Factoring Questions Answered

It is not easy to make the perfect funding choice for your business. Getting financial assistance is one of the most important choices you make as a small business owner. It is essential to consider all the pros and cons and how it applies to your unique industry and financial situation. Here are the top 5 questions we get regarding Accounts Receivable Factoring:

How does AR Factoring Rates compare to MCA/ACH?
A Merchant Cash Advance (MCA) or ACH loan much like Factoring is considered a short-term alternative financing option. While getting an MCA or ACH loan is often considered easier to get than any other type of funding, this ease comes at a cost. The cost of the capital can be much more expensive, in other words, you’ll pay very higher interest rate, much higher than conventional loans and higher than most any other alternative solution as well. Also, unlike Accounts Receivable Factoring, in an ACH loan, the Credit Company directly access your checking account in the same way automated payments might go to your mortgage lender from your personal checking account.

How Fast Can I Receive Working Capital?
The best factoring companies will purchase your receivables and advance you money within 24 hours. The advance amount can range from 80% to as much as 90% depending on the Industry, your customers’ credit histories, and other criteria. Once they collect from your customers, the Factoring Companies pay you the reserve balance of the invoices, minus a fee for their services. So you have immediate cash on hand to operate and grow your business.

Can I Get Approved if I Have Credit Issues?
For Small Companies, start-ups especially, financing options are limited and the borrower is often discouraged when they try to ask a bank or other lender for a loan. Typically, a Business has to provide a minimum of two years of tax returns, profit-and-loss statements, and balance sheets supporting their profits. However, a Business can sell their receivables when it is burdened by weak guarantors or has a negative tangible net worth. Even if the Company has a highly leveraged balance sheet or the extension of credit terms stretches its cash resources, with Invoice Financing there is a funding solution to put the Business back on track.

Is Bad Debt Protection Included?
Although no business likes to think about it, it’s a fact of life that every day, companies go into formal insolvency. If one of these account debtors is one of your clients, it can prove extremely difficult to recover what you are owed without a bad debt protection in place. With Recourse Factoring you have to repay the funds your Factor has provided against their outstanding invoices.

This is where Accounts Receivable Factoring with Credit Protection steps in – to protect your business from the formal insolvency of a customer. Designed to complement your Factoring facility, non-recourse credit protection is an affordable solution that mitigates the impact of bad debt caused by the formal insolvency of a customer, giving you the certainty of payment when things go wrong. Factoring in Credit Protection usually includes built-in credit limit analysis for all your customers. This simple step can often help to reduce the risk of insolvency in the first place.

What if I have IRS liens?
Working around ‘Internal Revenue Service’ problem is difficult; however, it can be done. Often the IRS could consider working out a payment plan with your Company and proceed to Subordination when you show them how Accounts Receivable Factoring will benefit your Business and increase your chances of satisfying your tax debt. The Factoring Company will be authorized to make the payments on your behalf (from factoring advances/rebates). Accounts Receivable Factoring can be a tailored solution even for Companies with tax problems.

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If You Import Goods, You Need to Understand The Cash Against Documents Process

If your company imports finished products, raw materials, or components into the U.S., you need to know about the Cash Against Documents (CAD) payment method.

CAD is a process in which an importing firm must pay for goods it purchases in full before it takes ownership of those goods. The transaction typically involves a third party that retains possession of the shipping papers until it receives payment from the buyer.

In recent years, Cash Against Documents transactions has been particularly important in importing goods from China, a major trading partner of U.S. companies.

CAD financing can be used by businesses of all sizes — small and medium-sized businesses, commercial companies and corporations.

Under CAD, the pricing of imported items will be different depending on the shipping terms of the sale. For example, an item may cost $10 per item FOB China, or $25 FOB Miami, FL. In the case of FOB China, the importer transfers the funds before they are shipped and cannot inspect them for quality and/or quantity. If it is FOB Miami, the importer is able to physically inspect the goods before making the funds transfer to pay for the items. Of course, the lower price for FOB China comes with a potentially higher risk that the goods may be damaged, or may not be made exactly to specifications.

As an importing company, you or a logistics consultant that you hire will need to weigh the risks of your shipping options against the benefits.

As part of the Cash Against Documents process, the exporting firm, e.g., in China or another country, retains ownership of the goods you are importing until payment is made in full to the exporter. Once the payment is made through your financing firm, all documents related to the transaction are released to your firm.

Paragon Financial, with a two-decade history of working with small and mid-sized firms, can provide you with the highest-quality Cash Against Documents financing for importing the goods you need to conduct your business. With a superior level of international trade finance experience, we can not only provide the financing for your transaction but make sure that all documentation is completely and accurately fulfilled.

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How to Choose a Large, Full-Service Factoring Companies

If you’re a small business owner, your need for cash to meet working capital requirements is typically top-of-mind. When you use factoring to meet those requirements, you should consider the benefits of working with large, full-service factoring companies as opposed to a smaller, more limited factor.

The evidence is clear that larger factoring firms, with greater financial resources and higher credit standing, typically provide both a broader array of services for clients as well as outstanding customer service.

What Large Factoring Companies Provide

A large, full-service factoring firm will do a full-scale credit history on your prospective customer companies and will maintain ongoing credit monitoring of your client. It will provide accounts receivable financing and invoice factoring. It will provide non-recourse financing with credit protection, purchase order, and import financing – even government contract financing. A large factor will also have expertise and experience working with clients in a wide range of industries.

They will also be able to provide funding to startups whose credit is currently weak but whose prospects are very strong. Large factors also can provide funding to firms that have a concentrated client list – and even deal with companies that have IRS tax issues.

Factoring Services in a Nutshell

One thing is certain – the large factoring firm you select will be able to provide you with everything you need to meet your working capital requirements. Here’s how it works: Many of your customers may be stretching out their invoice payments for 60 to 90 days or longer, leaving you with a cash shortfall. With factoring, you submit your receivables to the factoring company and get the cash you need almost immediately. The factor will advance you up to 90% of the value of the receivables. When your customer pays down their invoice, the factor will remit the balance to you, less a small percentage fee for their services.

Selecting the Right Factoring Firm

When seeking to partner with a large factoring firm, you need to keep one thing uppermost in your mind: As in any business, all large factoring companies are not alike, nor do they all provide the highest degree of service or value. Therefore, you need to be careful about which factor to work with.

You need to conduct extensive due diligence to determine which candidate firm provides the best value over the longer term. For example, do they have a long track record of successfully working with firms in your industry? Do they have significant expertise in your industry? Can they provide you with solid references who will vouch for their capabilities and good customer service?

Paragon Financial stands out among larger factoring companies. For more than two decades, we have combined a strong entrepreneurial management team with outstanding customer service to become an acknowledged leader in the invoice factoring and purchase order funding industry. From manufacturers and distribution companies, and from staffing companies to government contractors, Paragon has helped more than 2000 business owners to grow their companies while helping to eliminate any cash flow shortfalls or credit issues.

So, conduct careful due diligence before you decide on which large factoring firm is right for you. On that basis, we’re confident that, after your analysis, Paragon Financial will stand out in your minds as a go-to funding firm.


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The Slippery Slope of the ACH Loan Industry

Merchant cash advance (MCA) and small business ACH loan companies are currently funding $3-5 billion a year and have a potential for $300 billion per year predict Tom Green of LendingClub. Private and publicly traded MCA companies such as OnDeck and IOU Central have become a dumping ground for Private Equity and Hedge Funds enticed by their high theoretical yields. Businesses are snatching up advances like candy and MCA/ACH companies are more than happy to oblige with astronomical fees. Steve Nicastro of NerdWallet wrote, “Total annual borrowing cost with all fees and interest included, typically ranges from 70% to 350%.”

If you are unfamiliar with merchant cash advances or small business ACH loans, they are a short-term advance of funds against a business’ future receivables or future credit card sales. To pay it back, a fixed dollar amount or percentage is taken via ACH from the company’s checking account every day or directly from their credit card sales. Since the Great Recession, businesses are desperate for an alternative form of funding with banks severely limiting small business loans. The merchant cash advance and ACH loan business is a booming and relatively young industry.

Companies are allowed to over borrow, often “stacking” one ACH loan on top of the other. Many companies are taking on too much debt and not able to handle the daily ACH payments. In addition, regulation of this type of lending is close to nonexistent. The transaction is set-up as a future asset purchase and not a loan, so existing laws, such as usury and interest rate limits may not apply.

Compounding the issue, scores of unethical and outright criminals are working as MCA and ACH loan brokers according to an article on Bloomberg News, “The field is rife with unsavory brokerages, staffed by many of the same people who pushed subprime mortgages a decade ago and worked the bottom rung of the stock market in the boiler rooms of the 1990s.” They cite one person who opened a loan brokerage in New Jersey after being convicted of stock fraud.

Continuing in the Bloomberg article, a major player in this space has teamed up with brokers convicted of stock scams, insider trading, embezzlement, gambling, and dealing ecstasy, according to interviews with the brokers and court records. Brokers bring much of the business to these lenders.  One company acknowledges: If partners “mislead loan applicants or are engaged in the disreputable behavior, our reputation may be harmed, and we may face liability.”

Merchant cash advance companies have little to no recourse if a merchant goes out of business and defaults on a cash advance. This sounds all too familiar with the subprime mortgage crisis just a few years back. The entire industry is very thin, like a house of cards, and is precarious at best.

We speculate that the next downturn in the US economy has the potential to take down hundreds of MCA companies, thousands of their employees and brokers and more importantly, the biggest victims would be the hundreds of thousands of small businesses who could be forced into bankruptcy.

With businesses stacking ACH loan products from here to the moon, the negative cash flow can be staggering. Utilizing Paragon’s safer and lower cost AR facilities, Credit Protection and PO Funding, businesses can grow and prosper.

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Top 5 Myths Lenders Have About the IRS

Myth 1: If no federal tax lien has been filed, my collateral is safe.

Your collateral can be seized without notice. Many lenders don’t realize that the IRS doesn’t have to file a lien to issue a levy against your collateral. In fact, less than 40% of IRS liabilities currently have liens filed in the public record.

Using public records search to assess your risk is understandable, but not nearly enough to protect you from your true IRS risk. The bottom line is, you are not protected unless you know for sure that your client doesn’t have outstanding federal tax liabilities.

Myth 2: Filing a Form 8821 and waiting for the mail has me covered.
Form 8821 may not effectively cover you, and you may never be notified of your client’s tax issue. Filing form 8821 and waiting for the IRS to send you a letter that may never come is a passive risk assessment measure.

The reality is that the IRS often makes mistakes when entering form 8821 information into their system. Even when they do input it correctly, they fail to copy lenders on important correspondence like a federal tax lien approximately a quarter of the time. Tax Guard obtains information directly from the IRS and proactively monitors your entire portfolio on a monthly basis.

Myth 3: Three years of tax compliance history is enough to assess IRS risk.
Three years is just scratching the surface. 50% of all IRS debt is older than five years, so requiring or reviewing only three years of tax information for funding approval leaves the door wide open for missing additional tax liabilities. Tax Guard gives you a verified, complete IRS compliance snapshot going back as far as 10 years.

Myth 4: Articles filed with the Secretary of State will confirm my client’s identity and give me the correct name for a public records search.
Information filed with the Secretary of State (SOS) may not match information in the IRS system. SOS Offices and the IRS often rely on taxpayers to voluntarily provide the information submitted on the original SOS filings, along with any subsequent changes. Prospects may provide incorrect information to the IRS or fail to notify the IRS of business name changes.

A public records search for a name listed with the SOS can still miss a federal tax lien if the IRS files it under a different name. Tax Guard reports are based on the EIN, so no matter what name your client or prospect has on file with the SOS, any IRS issues will be identified. This ensures that your due diligence is as accurate as possible and you don’t miss hidden tax risks from federal tax liens.

Myth 5: I don’t need to worry about an IRS Final Notice of Intent to Levy. I only need to worry about a federal tax lien.
Your collateral is at risk once the IRS issues a Final Notice of Intent to Levy. A Final Notice of Intent to Levy – IRS Letter 1058 or LT11 – is mailed 30 days before the IRS can begin seizing assets from a business or individual who owes taxes. Knowing when the Final Notice of Intent to Levy is issued is the most important factor in determining whether your collateral is at risk of enforced IRS levy or seizure. The IRS does not have to file a federal tax lien before they can levy and seize assets.

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This content is from our friends at Tax Guard.

The New Reality of Import PO Financing in 2015

As China devalues its currency, cheaper Chinese imports are creating strong opportunities for United States importers. At the same time, with a growing middle class, China is now the third largest US export destination just behind Canada and Mexico. US exports to China have increased 198 percent over the past 10 years, higher than any other country, stated the US-China Business Council in its 2015 annual report.

As China shifts towards a consumer-driven growth model, the world’s factory of today will become the world’s largest importer and the world’s market in the next decade. Trade and financing go hand-in-hand with approximately 90% of the world’s international trade being financed. Trade lines through banks are limited to many companies, but being transaction driven, Paragon Financial can fund over and above the usual bank constraints. We typically fund all landed costs of goods imported.

In addition to Invoice Factoring with Credit Protection, PO Funding is also offered by Paragon Financial to either buy the goods for you via Cash against Documents (CAD) or a Letter of Credit. Another reality is that many Chinese companies no longer want letters of credit, as China’s banking issues make it difficult for factories to monetize them as in the past. You can also utilize Paragon’s creditworthiness for your supplier to release the goods and be paid from the Invoice Factoring proceeds via a Vendor Guarantee. A Vendor Guarantee is the less costly for you because of the reduced risk and paperwork. Typically Paragon will contract with your supplier to pass enough of the factoring proceeds on to them to cover the supplier’s invoice to you.

Cash against Doc’s can be FOB China or FOB US. Of course, FOB China is higher risk than FOB US and the money is out longer. There is also the real risk of your supplier not meeting quality, quantity and timeliness standards even with proper documentation presentation. In addition, unlike Invoice Factoring, PO Financing has the risk of product rejection by the account debtor (your client). It is also based on what we pay your supplier, not the invoice amount. Any deposit you make to the supplier will reduce your overall cost of funds …

Note: Your goal should be to get your supplier(s) comfortable enough with you to take a Vendor Guarantee as your costs will then be reduced significantly.

Ready for a fast, secure funding now?Paragon has been providing creative solutions for import financing, PO funding, Cash Against Docs, Letters of Credit and Vendor Guarantees for over two decades.

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Footwear Importers and Distributors – Enhance Your Growth with Import Funding and Purchase Order Financing

The global footwear market totaled about $200 billion in 2014, and will grow to about $220 billion by 2020, according to a recent report from Transparency Market Research. That will translate into about 11 billion pairs of shoes, boots, casual and athletic footwear by 2020. Athletic and performance footwear has been dominating the growth in this industry, with online sales growth compensating for declines in in-store sales for some categories of footwear. These trends are expected to continue in the years immediately ahead.

If you are a footwear importer or distributor, you, of course, want to take advantage of the continued growth in this huge market. At the same time, many small footwear importers and distributor often do not have the ready cash as working capital to support the growth they wish to achieve. That’s often the case when their end customers delay payment for 60 to 90 days or longer.

Since so much of the world’s footwear is produced outside of the U.S., American footwear distributors are typically dealing with imported goods.

As a distributor or importer, of course, you don’t want to be in a position to turn down an order simply because of a shortage of working capital. And you don’t have to – the solution is to import financing with purchase order funding. Here’s how it works:

When you receive a purchase order for footwear from a creditworthy customer, a purchase order financing firm checks the customer’s credit, and if it’s good, your purchase order financing firm establishes a letter of credit or bank draft to pay the manufacturer of the goods.

The payment is made against the purchase order – even before an invoice is prepared — and the manufacturer then ships the footwear to you, the importer, in the U.S. If your customer pays immediately, the financing firm collects the payment, takes a fee for its services, and remits the balance of the profit to you. If, as is more likely, your customer pays on terms, the financing firm may then factor the customer’s invoice, providing you with an advance of perhaps 75%-90% of the invoice. Once your customer pays down the invoice, the financing firm will remit the balance of the invoice, less a fee for its factoring service.

Paragon Financial has been providing working capital solutions to footwear companies just like yours for more than 20 years. We understand the footwear business, and, as your financing partner, we will get to understand your distinct business as well. As a particular form of financing, purchase order funding allows you to take advantage of larger orders that you might not be able to because of a shortage of cash flow. Using this financing tool, your working capital can grow as your business grows. This financing alternative also offers trade credit protection in the event of a customer’s non-payment.

Fast funding for your footwear industry!

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Non-Bankable Businesses Have Alternative Financing Services Available

Although bank lending has become somewhat easier over the past couple of years, it is still very difficult for many small businesses to obtain a bank loan.

If a business cannot obtain a bank loan at a particular point in time, it is considered “non-bankable.” The reasons for being “non-bankable” can range widely. For example, the company may be relatively young, with little credit history. It may be experiencing financial difficulties, with a large debt burden relative to its earning capacity. It may be in a turnaround mode. It may be in or close to filing for bankruptcy protection. It may be in an industry that is experiencing temporary weak demand.

In any of these situations, without sufficient financing, a company will not be able to grow or to turn itself around. For example, it may be experiencing slow payment from its customers – often waiting 60 days or longer for invoices to be paid. If it wishes to remain in business and grow, it will need a cash infusion to finance its current operations, and to invest in marketing, sales, and other growth-generating activities.

If your business is non-bankable, you can still obtain the financing you need. There are alternative financing methods for you to obtain the cash flow you require to keep your operations going and to invest in your growth.

For example, you can avail yourself of such programs as accounts receivable financing, invoice financing, purchase order financing, and non-recourse financing with credit protection. Accounts receivable financing provides almost immediate cash upon submitting qualified receivables to a financing firm.

After an initial set-up period, you can obtain funding in as little as 24 hours from the time you submit your receivables. You’ll get an advance of 75% to 90% of the face value of the receivables accepted for funding. When your customers pay down their invoices, you get the balance of the receivables’ face value, less a small fee for the financing firm’s services.

The amount of receivables financing and related techniques can grow with your business. As your receivables grow, so will your access to receivables financing. Furthermore, whatever your industry, you can take advantage of receivables financing.

At Paragon Financial, we’ve been providing alternative financing to non-bankable businesses for more than 20 years. We offer a full range of non-recourse accounts receivable financing and po financing structures.

Fast funding for Non-bankable businesses!

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