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NewswireToday - /newswire/ -
Ft Lauderdale, FL, United States, 2012/01/27 - Paragon Financial Group (“Paragon”) today announced that it has provided an $800,000 factoring line of credit to a medical employment and executive search company - ParagonFinancial.net.
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The factoring line of credit will provide ongoing working capital to fund payroll and related expenses.
Based in Boca Raton, Florida, the Company offers recruiting and staffing services for both permanent and temporary positions for clients in the healthcare and medical industries. They identify, select and place traveling executive nurses, allied health specialists, pharmacists, physicians, and hospital management executives. The nine-year-old Company had a business plan in place to grow, but high payroll expenses caused a cash flow crunch. They needed an influx of working capital, but because of historical losses, traditional financing was not an option. They began researching financing alternatives.
“Their accountant had worked with Paragon Financial previously and recommended us,” said Michael Rossi, President of Paragon Financial Group. “After conducting their due diligence, the staffing company chose us. They felt comfortable with our expertise and willingness to help them through the process.”
One hurdle Paragon had to overcome was verifying invoices. Many of the Company’s nursing home and hospital clients use Shift Wise, a third party billing program. It lists costs by time sheets, which didn’t always match up perfectly to the invoice numbers Paragon received, making the verification process difficult.
“Another problem Shift Wise presented was getting checks made out to Paragon. We knew many payments would go to the Company initially, so we had to develop a comfort level that they would forward those payments to us,” Rossi explains.
Paragon smoothed out the bumps in the road and provided a factoring line of credit that quickly gave the Company the crucial cash flow they needed to meet payroll, grow and stabilize the Company’s financial condition.
For over seventeen years, Paragon Financial has been a leading source in government contract financing and PO Financing. They provide Letters of Credit, Supplier Guarantees, and are a CCR government registered member. Paragon is also a factoring company that works with companies dealing with federal, state, and local municipalities. Paragon provides working capital solutions to a variety of small to larger businesses in a wide range of industries through accounts receivable factoring and purchase order financing programs.
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