Paragon Financial Provides A/R Credit Line to IT Staffing Company
Paragon Financial Group announced that it provided a $500,000 accounts receivable financing factoring line of credit to an Information Technology staffing business. Working from Chicago, the small business works to match businesses across the country with the expert IT professionals they need. The facility will provide the cash flow the company needs to meet payroll and grow.
Specializing in computer systems design and specialty construction support services, the company had an opportunity to subcontract for Caci, a very large defense contractor for the federal government. Unfortunately, the sole proprietor didn’t have the deep pockets needed to meet payroll while waiting for invoices to be paid. And with few assets, traditional bank financing was not available.
An Internet search led the company to Paragon Financial. Upon comparing factoring companies, the company found better pricing with Paragon Financial, and appreciated Paragon’s deep knowledge of government contract financing. Paragon also helped it clear up some past tax issues to smooth the way for factoring.
“With our factoring line, the company can now take advantage of the huge opportunity to contract with Caci, and still meet payroll in a timely manner. We’re pleased to use our government contract expertise to help this small business grow,” said Michael Rossi, president of Paragon Financial Group. “Additionally, the Owner now has peace of mind when pursuing new business, knowing he has Paragon Financial standing behind him as a resource.”
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S.