MIAMI, Fla., July 2, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Paragon Financial Group, Inc. has developed unique programs designed to meet the funding needs of Minority Business Enterprise or Disadvantaged Business Enterprise (MBE/DBE). These programs are available for US companies through Paragon Financial's corporate, federal, state and local government MBE/DBE programs.
Paragon Financial created these programs to meet the specific funding needs of minority and disadvantaged businesses through:
Letters of Comfort or Financial Capability Certification Program: This program provides MBE/DBE clients with contingent financing commitments allowing them to demonstrate to government contracting officers and large U.S. corporations they possess the financial wherewithal to execute on contract awards. This results in Paragon Financial's MBE/DBE clients winning more and larger contracts.
Vendor Guarantee Programs: A supplier or vendor guarantee allows MBE/DBE's and their suppliers to mitigate risk by taking advantage of Paragon Financial's credit and guarantee of invoice factoring proceeds to the MBE/DBE supplier. Vendor or supplier guarantees work especially well for start-ups or newer companies that have a limited credit profile. This arrangement allows for more goods to be sold by both Paragon's client and their suppliers then would have otherwise been possible. It also gives large corporations and government entities the peace of mind that MBE/DBE's can properly fulfill contracts.
Work in Process (WIP) Funding: Work-in-process (WIP) is part of a company's inventory that is partially completed and can be leveraged to obtain working capital for the MBE/DBE client. Paragon Financial is one of the few non-bank lenders offering WIP financing. Paragon Financial is able to leverage their manufacturing expertise to help mitigate risk for all parties involved.
Purchase Order Funding: Purchase order financing gives a MBE/DBE client the ability to have goods available for their own clients before an invoice is generated. PO financing is an excellent solution for MBE/DBE companies that are product wholesalers, importers, jobbers, resellers or distributors.
AR Management and Credit Protection: Invoice Factoring is a form of Accounts Receivable (AR) management. Every Fortune 1000 company in the world utilizes it as a tool (HP factored $2 billion in AR 1st quarter 2014) or pays the invoice factoring company utilized by their vendors, suppliers and service providers. Paragon Financial's MBE/DBE clients receive this extra layer of security with credit protection.
Government Factoring: Through Paragon Financial's MBE/DBE government invoice factoring program, MBE/DBE clients receive the funds needed to complete government contracts. Paragon Financial understands the FAR, the culture of government and dealing with the government bureaucracy of local, state and federal agencies.
Paragon Financial is registered in The System for Award Management (SAM) and is compliant with the Assignment of Claims Act. Paragon Financial has factored federal government receivables from most departments and agencies, as well as working closely with many of the largest Prime Contractors and the DOD. Registered Minority or Disadvantaged Business Enterprises have incredible opportunities that are not generally accessible by other small businesses.
About Paragon Financial Group
For 20 years, companies in all industries have been choosing Paragon Financial Group to meet their working capital needs. From government contractors to distribution companies, from staffing firms to manufacturers, business owners have successfully grown their companies with Paragon Financial's invoice factoring, accounts receivable management, credit protection and purchase order financing programs. To get funded now, please call 888-271-9347 or visit paragonfinancial.net.
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