This startup company provides door-to-door marketing for cable sales to residential customers through Comcast. The sales team for the company originally consisted of ten sales representatives who served the Chicago market, with plans to open at least two more offices adding additional representatives to serve the entire Midwest.
A new territory with Comcast and an increase in sales drove the company’s volume to a higher level immediately. At this point, cash flow was at a standstill, and the service representatives were not getting compensated in a timely manner. The company was referred to us through a former client. They were specifically seeking to find a suitable factoring firm and set up invoice financing for payroll funding and growth management. Once in contact with Paragon, the start-up nature of the business allowed for a quick and easy closing. A new company is typically free of any UCC filings, tax issues, or other difficulties that may arise from a more seasoned business. One of the concerns with a new entity, however, is the experience of management in the industry and working with Comcast. In this instance the owner had been working for 20 years with another cable sales company and decided to pursue a venture on his own.
The President of the company shared this statement, adding, “We were waiting to get paid from Comcast, so we weren’t able to pay our reps on time. Factoring our invoices with Paragon helped us pay our reps faster and keep a higher retention rate for our company.”
Financing cable subcontractors is one of Paragon’s specialties. We provide business financing solutions for subcontractors or contractors dealing with the major providers such as Comcast, Cox Cable, AT&T, Time Warner, Mediacom, and more. Paragon works with a wide variety of companies within the cable industry, including cable installation, door-to-door cable sales, drop bury, disconnects, and boring contractors. We also provide working capital solutions to a variety of small to larger businesses in multiple other industries through our accounts receivable factoring and purchase order financing programs.
For additional information, contact:
Paragon Financial Group
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Paragon Financial has the initiative to afford growing businesses an alternative to conventional bank financing. When banks are unwilling to provide financing, Paragon can promptly offer a steady stream of cash through the factoring of accounts receivables.
Over the past 15 years, Paragon Financial has combined a strong management team with steadfast customer service to become an acknowledged leader in the invoice factoring industry. From manufacturers and distribution companies to staffing and other service-based industries, we have imparted over 2000 business owners the opportunity to grow their companies without the everyday burden that cash flow difficulties can proffer.