MIAMI, March 26, 2020 /PRNewswire-PRWeb/ -- Paragon Financial Group, Inc., specializing in accounts receivable factoring with guaranteed risk-free credit protection and purchase order financing, is immediately offering a program for Banks and ABL lenders to leverage, nurture relationships and generate revenue on turndowns. Particularly as businesses and the economy are impacted by the novel Coronavirus (COVID-19) outbreak, Paragon Financial Group's Relationship Program for Lenders provides a myriad of benefits for lenders looking to offer depository and other banking services to their customers:
- Giving your personnel more products to cross-sell and options to offer customers and potential deposit relationships
- Can increase a bank's customer retention and capture rate—ensuring ongoing customer loyalty to the bank (Paragon requires a client to keep their existing depository relationship with their bank of record.)
- Same-day funding supports better management of a customer overdrafts
- We facilitate a non-recourse invoice factoring solution that protects your client's portfolio against bankruptcy/insolvency. This will help ensure the ongoing success of the customer's relationship with the bank
- As a partner with Paragon, we provide a borrower opportunity when your customer fits the lending criteria in 6 to 24 months
- We provide an intercreditor agreement to "carve out" and advance against and manage some or all of a borrower's Accounts Receivable (including, SBA 7A loans)
As U.S. federal government agencies announce new and pending economic assistance programs for businesses and communities, as well as, FDIC guidance to banks and lenders, in response to the Coronavirus outbreak to bolster the national economy and to facilitate state and regional economic development, businesses may be considering the SBA Economic Injury Disaster Loan (EIDL) program as it relates to the Coronavirus Preparedness and Response Supplemental Appropriations Act. Yet, this SBA program to provide Coronavirus COVID-19 related loans to businesses has several potentially daunting caveats for small business applicants:
- Businesses "with credit available elsewhere are not eligible"
- Companies must undergo a credit review before an inspection to verify losses will be conducted
- Funding amounts will be capped at predetermined award amounts
- Every state's or territory's Governor first needs to submit a request for EIDL assistance and then await declarations for specifically-designated areas within a state
- The SBA's "goal is to arrive at a decision on your application within two to three weeks"
In response to the SBA's COVID-19 EIDL Program launch, Daniel Rodrigue, Paragon Financial's Director of Sales has this to say to small business owners and leaders, "Paragon Financial is providing working capital solutions for businesses across the entire supply chain including those with and without available credit. This effort by the SBA doesn't guarantee easier access to fast and affordable working capital for all small businesses. What's more, we can actually assist companies to secure SBA funding along with funding through Paragon's funding relief options to further enhance a company's cash position."
Features of Paragon Financial funding solutions that are highly beneficial to businesses impacted by the Coronavirus outbreak include the following:
- Immediately meet payroll requirements
- Easily scale-up and scale-down operations and funding as demand for products and services ebb and flow
- Paragon funding solutions are debt-free and risk-minimized access to cash flow
- The credit-worthiness of a business is typically not a roadblock to work with Paragon; the credit-worthiness of a company's customers can qualify the business for Paragon's funding options
- Paragon's non-recourse invoice factoring is guaranteed to minimize a client's risk when faced with a customer insolvency or bankruptcy
- Paragon offers assistance to clients who want to combine a SBA loan with Paragon's funding to maximize the business' available cash position
Call 866-364-6553 or visit Paragon's website for more information about Paragon Financial's programs to combat business disruptions due to the U.S. COVID-19 outbreak.
ABOUT PARAGON FINANCIAL GROUP
Paragon Financial Group, Inc., specializing in business growth debt-free funding to supply chain industries and staffing services, provides non-recourse invoice factoring with guaranteed risk-free credit protection (aka, accounts receivable funding), purchase order financing, and government contract financing solutions. Serving the needs of new and growing companies with B2B or B2G sales of $500,000-$50,000,000 per annum. Paragon along with its sister companies Gerber Financial, Accutrac Capital, and eCapital is part of Global Merchant Fund Corp. For more information, visit https://www.paragonfinancial.net/
SOURCE Paragon Financial Group