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Paragon Financial Announces Oil & Gas Supplier Funding Program

March 25, 2014, 06:58 AM
Filed Under: Energy Services

Paragon Financial Group announces funding programs for US oil & gas suppliers along the entire supply chain. With over 20 years funding oil & gas suppliers, Paragon Financial understands the industries involved, their specific needs and has created oil & gas specific funding programs to help small to medium businesses take advantage of the current expansion in the US. The funding programs consist of receivable financing, purchase order funding and credit protection.

The impact of the oil & gas boom affects a myriad of industries and suppliers. The oil and gas boom is producing millions of jobs with the hydrocarbon sector creating jobs faster than Silicon Valley according to according to Investors Business Daily. Employment is up 40% in the oil and gas fields since the recession began in late 2007. Every one of the 10 states like Texas, Oklahoma and North Dakota where hydrocarbon production is increasing, overall employment growth has outpacing the nation. Paragon Financial offers their funding program to oil and gas suppliers from each of these states including suppliers with tax issues.

Paragon Financial's program targets suppliers needing working capital to take advantage of the current vast expansion. Since mid-2009 U.S. oil production has risen 60% along with a 50% collapse in oil imports. The impact has been billions of dollars in new economic value. New plant and equipment investment have increased among industries that use petroleum products such as agriculture, plastics and pharmaceuticals along with suppliers and services to these industries.

Chris Curtin, Paragon Financial's national sales manager states, "From roustabouts to well inspection services, to certified welders to water haulers, Paragon can help the entire oil and gas industry supply chain. The program builds on our 20 years of experience funding the oil & gas industry. We are enthusiastic for America's growth away from foreign oil dependence."

Over 75% of the US' oil and gas production comes from 20,000 companies according to Investors Business Daily. These small and midsize companies, and thousands more in the supply chain are reaping the benefits of the oil boom and need proper cash flow. The U.S. shipping industry is experiencing a boom of its own as demand increases for the ability to move oil and natural gas. U.S. shipbuilders are also experiencing their largest boom in more than 20 years according to the U.S. Department of Transportation.

For 20 years Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. Paragon serves small to medium companies across a wide variety of industries through invoice factoring and purchase order financing up to $3 million per month in volume.

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