01/18/2012 – Paragon Financial Group Provides $250,000 Accounts Receivable Financing Line to Ohio Industrial Service Provider

FOR IMMEDIATE RELEASE

Ft. Lauderdale, FL, January 18, 2012: Paragon Financial Group (“Paragon”) today announced that it has provided a $250,000 accounts receivable financing facility to a Company that repairs and maintains industrial machinery. The working capital will be used to hire new employees to service larger clients and grow the Company.

Located in Cleveland, Ohio, the Company has been in the industrial machinery business for over 20 years and operated as a sole proprietor. In June 2011, they changed their corporate structure to a limited liability corporation to facilitate growth. They began taking on larger clients such as Youngstown State University, General Motors, and McDonald’s, who required 90 days to pay invoices. But to service those new accounts, the Company had to take on more employees, increasing their payroll and benefits costs which had to be paid immediately. In a cash crunch, they sought traditional bank financing. Since they had only just incorporated, commercial banks considered them a startup and were reluctant to lend to a “new” corporation.

The Company learned about Paragon Financial Group and accounts receivable financing through their broker. Paragon was able to provide the company with the additional working capital they needed to cover the additional overhead costs and continue to grow their business.

Paragon’s expertise in accounts receivable financing gave the company the comfort of knowing they had a financing partner they could count on.

“Companies like these are in a tough situation – most don’t have enough assets. They need working capital to take on new clients and grow, but banks generally won’t lend to startups unless they have personal contacts or personal finances they can collateralize with a strong personal guarantee,” said Michael Rossi, President of Paragon Financial Group. “We understand the financing needs of companies in all lifecycle stages, particularly one stuck in a Catch-22 such as this.”

ABOUT PARAGON FINANCIAL GROUP

For over 18 years, Paragon has been providing working capital solutions for growing companies throughout the US.  They service a wide variety of small to large-size businesses in many industries through accounts receivable factoring and purchase order financing programs.  Paragon is a leading source of receivables financing, government contract financing, payroll funding, and purchase order financing.

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