IT Consulting, South Carolina, Receivable Financing
SITUATION
Tax Problems Challenge South Carolina IT Consulting Company
A South Carolina company provides IT consulting to large banks such as Wells Fargo providing services for recruiting, background screening, payroll processing, and insurance and tax issues. Originally coming to Paragon Financial through a broker affiliate, they developed a strong relationship with Paragon providing a factoring line of credit for multiple years. During this time the IT consulting company lost a major contract and ran into unresolvable tax issues needing to close its doors.
THE SOLUTION
Several years later this serial entrepreneur started another IT consulting company. The company was able to, again, secure large contracts with Wells Fargo and other big banks. They worked through their tax issues and reestablished themselves as a viable and profitable business. They came back to Paragon Financial providing them with the ongoing cash flow they needed through a factoring line of credit.
RESULT
Still getting paid 30-60 days out from Wells Fargo and others they were able to gain leverage Paragon’s factoring line of credit to keep their working capital at healthy levels. “We were happy to see a former client get back in the game and get up and running again. Tax problems can easily derail a company if they get behind. It’s always a compliment when a former client starts a new business and thinks of Paragon for their capital needs. It tells me were doing business the right way and our clients appreciate our efforts.” says Michael Rossi, Paragon Financial President.
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