The business was originally established to provide temporary staffing services to a wide variety of industries. The combination of an unfavorable state unemployment rating, increased exportation of manufacturing jobs, and the general decline of economic conditions resulted in lower revenues and decreased profit margins. Alternatively, the company paired its most valuable clients with newly formed entities who focused on serving one specific industry; thus a new business enterprise was born staffing the aerospace industry. As growth increased, the agency began using invoice financing to meet payroll and compensate for slow-paying customers. The original factor was unable to keep up with their rapid growth and refused to increase credit where needed.
It was at this point that one of our broker affiliates referred the staffing company to Paragon. Once in the hands of our sales staff, the proper credit amounts were approved. There was one big problem, however. The first factor had a one year contract with a large termination fee. Over the next six months Paragon’s sales team remained in close contact with the prospect and engaged them on the proper course of action to properly terminate. Working hand in hand with the broker and the prospect, we were able to get them not only the credit they needed to continue to grow, but we negotiated a timely and smooth transition to Paragon.
Paragon has provided payroll funding for staffing firms over the last 17 years. Our invoice factoring program has the flexibility to advance up to 95% of the invoiced amount, giving businesses the opportunity to meet payroll and further develop their business. We specialize in invoice financing, purchase order financing, payroll funding, government contract financing, letters of credit, and supplier guarantees.
For additional information visit us at Paragonfinancial.net or 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.