Paragon Provides Invoice Financing to Small Business Entrepreneur
Paragon Financial Group announced that it has provided a $500,000 invoice financing line of credit to a startup staffing company. The invoice factoring line will enable the company to take on global contracts and expand.
The Carnel, IN-based entrepreneur is an existing Paragon client that was opening a new business and needed factoring to establish themselves and grow. The startup company provides niche staffing to fabricate thermal and acoustic insulation products in heavy-duty vehicles and commercial aircraft.
“It was a natural fit for him to return to us, and it validates that we have provided excellent service in the past,” said Michael Rossi, president of Paragon Financial Group. “We’re truly excited to help him launch this new enterprise.”
The factoring deal had 100% concentration, so Paragon worked with the single debtor to get written verification before it could sign off on the transaction.
With Paragon’s accounts receivable factoring line of credit, the company has the opportunity for a successful launch and strong business growth.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S.