Paragon Financial Group is funding during the COVID-19 crisis.

Technology / Software Developer Turns to Paragon for Crucial Working Capital

Working Capital for Technology and Software Developer

A technology and software developer headquartered in Deer Park, Illinois, led by a serial entrepreneur with a track record of building successful companies, developed an innovative monitoring device for the Canadian Government Healthcare System. The device enables patients newly-released from the hospital to communicate with a registered nurse and get advice via video and chat function. This allows them not to have to go back to the hospital and be readmitted for minor issues that can be addressed remotely.

The Illinois company was working with Toshiba and Motorola to manufacture parts, and with another company for assembly. But the Canadian government took 120 days to pay, and the company needed to pay Toshiba and Motorola for parts in a timely manner. They looked into factoring companies but most were unwilling to work with them for two reasons. The first reason was their multi-million dollar exposure with a 100 percent concentration debtor in the government, and the second reason was the fact that the Canadian Health Ministry took so long to pay.

See how Paragon provided a $2,000,000 factoring line of credit to the Illinois company

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