PRZOOM - /newswire/ -
Ft Lauderdale, FL, United States, 2011/12/23 - Paragon Financial Group (“Paragon”) announced that is has provided a $500,000 accounts receivable financing facility to a Philadelphia area cable contractor.
The additional working capital will be used to bring on additional employees and grow the company, creating valuable jobs in a tough economy.
In business for nine years, the well-established Company provides underground and aerial infrastructure services to Comcast, which awarded the company additional territories. The opportunity gave the Company the potential to grow significantly possibly doubling their output.
With the new opportunity came the need to hire additional employees which meant increased payroll, insurance and overhead costs. Without additional working capital, the Company would not be able to seize the opportunity, but traditional financing was not available. Fortunately, they learned about Paragon Financial Group and accounts receivable financing through their broker. Paragon’s expertise and knowledge of the cable industry gave the company the comfort of knowing they had a financing partner they could count on. The speed of the accounts receivable financing and cash flow it gave them provided the capital they needed to take on the additional territory and grow the company.
“The cable industry is one of the key industries we specialize in at Paragon,” said Michael Rossi, President of Paragon Financial Group. “No matter how the economy fluctuates, we have been able to provide the funding these companies need to continue to grow their business.”
About Paragon Financial Group
Paragon (paragonfinancial.net) provides business financing solutions for cable contractors dealing with the major providers such as Comcast, Cox Cable, AT&T, Time Warner, Charter, and more. We work with a wide variety of companies within the cable industry, including cable installation, door-to-door cable sales, drop bury, disconnects, and boring contractors. We also provide working capital solutions to a variety of small to larger businesses in multiple other industries through our receivables factoring and purchase order financing programs.