Indianapolis, Indiana — $400,000
Paragon Financial has provided a $400,000 invoice factoring line of credit to a government contractor doing office machine repair in Indianapolis, Indiana.
Alabama — $350,000
Paragon Financial has provided a $350,000 invoice factoring line of credit to a Geotechnical Engineering company in Alabama.
California — $850,000
Paragon Financial has provided a $850,000 invoice factoring line of credit to a Communication Telecom Sales Company in California.
Ohio — $275,000
Paragon Financial has provided a $275,000 receivable factoring line of credit to a Ohio creative marketing firm.
Dallas, TX — $800,000
Paragon Financial has provided a $800,000 invoice factoring line of credit to a Texas Underground Cable company.
Miami, FL — $400,000
Paragon Financial has provided a $400,000 receivable financing line of credit to a Local Miami Florida Transport Company.
Tampa, FL — $250,000
Paragon Financial has provided a $250,000 receivable financing line of credit to a Lighting Company, Tampa, Florida.
South Carolina — $500,000
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 it’s doors.
Several years later this serial entrepreneur started another IT consulting company. They were 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.
Still getting paid 30-60 days out from Wells Fargo and others they were able to again 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 gain. 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.
Connecticut — $750,000
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.
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.
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.
Miami, FL — $800,000
Paragon Financial has provided a $800,000 factoring line of credit to a Miami Florida Floral Distributor.