01/18/2012 – Paragon Financial Group Provides $500,000 Accounts Receivable Facility to Fund Government Contracts

FOR IMMEDIATE RELEASE

Ft. Lauderdale, FL, January 18, 2012: Paragon Financial Group (“Paragon”) today announced that it has provided a $500,000 accounts receivable financing facility to a construction company working with county and city government contracts. The facility will provide ongoing working capital enabling the company take on additional contracts and continue to grow.

Headquartered in Ft. Lauderdale, FL, the five-year-old company provides roofing and repairs to distressed properties through a program developed by local and county agencies to clean up cities in Florida. Previously a general contractor, the company was awarded a contract by the city and continues to receive more contracts from the local government. Due to the nature of the contracts, the Company does not get paid until the very end of the job. If a house qualified for the program, the Company would do the repairs, wait for the county underwriter to inspect the job to ensure work was completed according to local codes and guidelines, get the proper approvals, then submit a stack of paperwork and the invoice.

Having to pay for labor and materials up front, the Company faced a shortage of working capital, putting them in a cash crunch. Without financing, they would not have been able to take on the additional contracts.

Although the company was aware of accounts receivable financing, they weren’t sure who to reach out to until they found Paragon Financial through an Internet search. They were impressed with Paragon’s broad range of industry expertise and knowledge of government contracts, permits, and local planning processes. Paragon’s expertise in working with government entities made the process smoother for their client. They also developed relationships with the right people to turn approvals around quickly for each area involved – the cities of Tamarac and Sunrise as well as Broward County.

Paragon’s accounts receivable financing quickly provided the Company with the cash flow they needed, when they needed it, so they could take advantage of new contracts and continue to grow.

“The Company has the potential to increase their business significantly with the accounts receivable facility in place,” said Michael Rossi, President of Paragon Financial Group. “Even though we don’t usually work with construction companies, because these were government contracts were able to help them grow and succeed. Financing government contracts are one of our specialties. We have been working with state and local governments and have the expertise and industry knowledge that clients can rely on when looking for a financing partner.”

ABOUT PARAGON FINANCIAL GROUP

For over seventeen years, Paragon Financial has been a leading source of government contract financing and PO Financing. They provide Letters of Credit, Supplier Guarantees, and are a SAM government registered member. Paragon is also a factoring company that works with companies dealing with federal, state, and local municipalities. Paragon provides working capital solutions to a variety of small to larger businesses in a wide range of industries through accounts receivable factoring and purchase order financing programs.

  • Get Cash Today

    Best Factoring CompanyGet the Cash You Need Today

    Just fill out this quick & easy form!

  • This field is for validation purposes and should be left unchanged.
Get Cash Today
  • Quick Contact Form
  • This field is for validation purposes and should be left unchanged.

Back to Top

Best Factoring Company

Get Started Immediately