Daily News: August 27, 2012

Paragon Provides Factoring Line to Staffing Company

Paragon Financial Group announced that it has provided a $500,000 factoring line of credit to a startup staffing company. The financing will enable the company to take on global contracts and expand.

The Carnel, IN-based entrepreneur is a current Paragon client that was opening a new business and needed factoring to establish themselves and grow. The new company provides hourly workers to fabricate thermal and acoustic insulation products in heavy-duty vehicles and commercial aircraft.

Paragon said the factoring deal had 100% concentration, so Paragon worked with the single debtor to get written verification before they could sign off on the transaction.

“It was a natural 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 are truly excited to help him launch this new enterprise.”