Paragon Helps Overseas IT Staffing Company Expand in U.S.
Paragon Financial Group announced that it has provided a $450,000 invoice factoring line of credit to an India-based IT staffing company. The financing will enable the company to take on larger contracts and expand its U.S. operations.
The year-old company provides the business world with leading professionals and executives in key technology fields through both permanent and consulting IT positions. With expertise in a variety of industries, the company ensures each placement has the right qualifications, background and skills required, as well as matching an organization’s IT culture.
With newly opened U.S. headquarters in North Brunswick, NJ, it quickly experienced rapid growth. Within a few months the company landed contracts for nearly ten times the work it had been doing. It didn’t have the cash flow it needed to power up the company’s IT staff and were at a standstill. It turned to factoring companies to be able to move forward and support its new customers.
“There was a lot of competition on this deal,” said Michael Rossi, president of Paragon Financial Group. “They chose Paragon for our expertise in working with challenging credit situations and because they felt a comfort level in working with us despite a language barrier.”
Some of the company’s customers had poor credit and Paragon’s diligence in negotiating with credit insurance company sealed the deal. “We were able to get approvals on many of them when other factors couldn’t,” Rossi explained.
With Paragon’s factoring line of credit, the company will be able to hire staff, support its new customers and continue to expand its growing business.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. It serves small to large-size companies across a wide variety of industries through invoice factoring, and purchase order financing up to $3 million per month in volume.