Paragon Financial Group Sees Boost in IT Staffing Funding Demand
Paragon Financial Group has experienced a surge in staffing factoring lines of credit in the first quarter of 2014. Much of this growth has been seen in the IT staffing sector. According to the Staffing Industry Pulse Survey IT staffing has experienced a median year-over-year growth of 13% along with the strongest bill rate trends as compared to other segments. Paragon Financial has experienced a similar growth in the IT staffing market. Reflecting IT staffing firms increased need for additional working capital and payroll funding.
In a year-to-year comparison, staffing firms in all industries employed 9.6% more temporary workers in March 2014 than in the same month a year ago, according to the U.S. Bureau of Labor Statistics. With a staffing employment increase of 59,300 jobs. “Overall our key performance indicators for technology remain at high levels for job orders, external committals and send outs, with fill ratios at an all-time high,” said Joe Liberatore, president of Kforce, a professional staffing firm.
According to Paragon Financial’s President, Michael Rossi, “The IT staffing market has been instrumental in our own growth the 1st quarter of 2014. We have successfully assisted multiple IT temp staffing companies with their payroll and met their cash flow needs in order for them to take advantage of the current surge in the market.”
Paragon Financial expects to see continued demand for IT staffing and other temp staffing industry working capital solutions through 2014. “Overall growth in the staffing industry is expected to by around 7% with IT staffing being a large part of this growth. At Paragon Financial we are well positioned to help the industry grow through our invoice factoring and credit protection programs.” said Chris Curtin, Paragon Financial’s National Sales Manager.
ABOUT PARAGON FINANCIAL GROUP
For 20 years Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. We serve 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. Paragon is a leading source for accounts receivable factoring, government contract financing, funding companies with tax issues, payroll funding, purchase order financing, credit protection and AR management. For more information visit http://www.paragonfinancial.net.
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