Janitorial and Hospitality Staffing, Connecticut, Receivable Financing

Posted by on October 9, 2013 in Staffing Company, Success Stories | 0 comments

SITUATION A janitorial and hospitality staffing firm runs into challenges with their profitable casino client being on Indian reservations and securing a factoring company. In business since 2011, a fairly new but highly successful staffing firm out of Connecticut, works directly with several casinos providing janitorial and hospitality personnel.    The casinos doubled their contract with the staffing firm and  created the need for additional working capital.  The casino is on an Indian reservation which presents many challenges to a factoring company.   Factors must look at risk when analyzing a client and Indian reservations are governed by tribal law, not state or federal laws such as UCC rules.   Unfortunately with the increased risk most factoring companies will not deal with suppliers for Indian reservation owned corporations. THE SOLUTION One of Paragon Financial’s experienced sales people had a previous working relationship with the staffing company and dealing directly with the casinos.  Building on a several year history there was never even the smallest hiccup in the factoring arrangements.  This solid relationship coupled with a strong contract between the staffing firm and casinos, Paragon took on the staffing firm as a client and offered a receivable financing solution. RESULT Paragon was able to provide a $750,000 factoring line of credit to the staffing firm.  The receivable financing program kept their working capital at strong levels and maintained a healthy profit margin with the casinos.  All the while spending large amounts of cash to hire new janitorial and hospitality staff.   “Paragon Financial has the experience and capital to take on a large variety of clients with unique situations.  Not many factoring companies would have been able to take on a client such as this,” says Chris Curtin, National Sales Manager of Paragon Financial....

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Posted by on July 29, 2011 in | 0 comments

Connecticut’s Top Accounts Receivable Financing and Invoice Factoring Company Factoring Receivables Increases Your Cash Flow Lack of available cash can compromise your ability to pay vendors and cover payroll. If you could get paid for your outstanding receivables right now, could your Connecticut business truly soar? Paragon Factor can get you that cash now. Paragon Powers Your Company Paragon provides you with up to 90% of your outstanding receivables right now, and the balance when your clients complete payment. In as little as two to three days, you can establish an account with Paragon with no long-term contracts required. You then have the freedom to factor as often as needed. For just a small fee, Paragon provides you with cash now. Approval is based on your customer’s ability to pay, not your businesses credit. The Paragon Factor Lets You Concentrate On Growing Your Connecticut Business Increased Capital Without Increased Debt? Invoice factoring brings you the money that is due to you without incurring increased debt. Paragon asks for no equity in your firm and you maintain full control of your Connecticut business. Customer Credit Services At no extra cost, Paragon now acts as your in-house credit department. If you’re thinking about doing business with a new client, give Paragon a call. We can give you detailed information on their credit and payment history. Paragon can help you stay clear of doing business with risky companies. Control Your Accounts Receivable Log on to our account manager to check your reports in real time. Print out your account data as you need it. Paragon is not a collection agency, but we do have a team of callers that put in friendly reminders to clients with past due accounts. We make sure to handle all calls in a professional manner. After consulting with you first, Paragon is fully capable of applying pressure when needed. Extensive Coverage Wherever in Connecticut, your business is located, Bridgeport to New Haven, Hartford to Stamford, Paragon is available to service all your invoice factoring needs. Adaptability Here at Paragon, we allow you to use factoring when and if it is favorable for you and your company. With Paragon, you choose the accounts that you want to factor and, unlike other companies, we do not require you factor the entire account. You get the flexibility to factor what you want, when you want, if and when it’s advantageous for you. Get Supplier Discounts – Win More Business The ultimate goal of factoring is to increase your available funds. This will enable you to go after bigger clients and larger contracts. Often, you will find that it takes the big guys longer to pay. This can lead to difficulties in filling larger orders and performing larger jobs. Helping you to grow your Connecticut business is the purpose of The Paragon Factor. Increased cash flow can enable you to quickly pay your suppliers. This can allow you ask for trade discounts. Often, as little as a 2% quick pay discount can cover some, if not all, of your factoring costs. Paragon serves all areas of Connecticut, including Norwalk, Danbury, and...

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