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Paragon Financial Closes $250,000 Receivables Financing Facility for Startup Cable Sales Company
Miami, FL, 9/16/2011, Paragon Financial Group, Inc. announces recent funding of a startup door-to-door cable sales company in Union, New Jersey. The receivables financing line was established to supplement growth.
Just a few months ago, this young company was formed to service the cable industry, specializing in door-to-door cable sales. Soon after the business started to flourish, the contractor signed a new agreement with a major cable sales provider. Although the company was profiting from all the new sales, getting the invoices paid on time was a problem. Most start-up companies in the cable industry are familiar with this routine, as the providers can sometimes take over 60 days to pay.
A current client of Paragon had experienced similar issues with their cable provider, and suggested they call Paragon for help. As the factoring company, Paragon had them set up and was factoring their account receivables within a few days.
Michael Rossi, President of Paragon, adds, “One our specialties is financing cable contractors. The large providers are credit worthy companies, but they often take longer to pay. This can tie up the receivables and hinder our client’s ability to grow. With a receivables financing line in place, they can now meet payroll in a timely manner and expand their business into other territories.”
Paragon provides business financing solutions for cable contractors dealing with the major providers such as Comcast, Cox Cable, AT&T, Time Warner, Charter, and more. We work 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 receivables factoring and purchase order financing programs.
For additional information, contact:
Paragon Financial Group