And as the economy continues its comeback from the worst recession since the Great Depression, Manhattan-based Paramount Merchant Funding is doing its part to help lead the way.
New York, New York (PRWEB) February 21, 2013
Paramount Merchant Funding, the Manhattan-based financial services company, is poised to embark on its second major growth spurt in two years, thanks to increased business driven by Paramount’s own specialized lending technologies and other innovations in business loans.
The company saw growth among its workforce of more than 50 percent last year – and now boasts almost 60 sales associates, underwriters, accountants and other staff.
The new growth has prompted Paramount to nearly double its office footprint in Midtown Manhattan, from 3,000 square feet of prime office space to 6,500 square feet that will be completed this spring.
And even more growth is on the immediate horizon over the next several months, when the company eyes expanding its sales and sales support staff by another 50 percent.
“From the White House to members of Congress from opposing political parties who can agree on little else, there is at least one thing they do agree on in these trying economic times – small business is a key engine driving the American economy,” says Paramount Merchant Funding co-Managing Partner Jared Feldman. “And Paramount with its growth is proud to be one of those key drivers.”
“In the last term, Congress passed and the President signed into law 18 tax cuts aimed directly at helping small businesses, who employ more than half of all Americans,” added Paramount co-Managing Partner Dan Smith. “Those tax cuts and other remedies focused on reviving small business are expected to bring an uptick in companies needing capital to grow. And as the economy continues its comeback from the worst recession since the Great Depression, Paramount is doing its part to help lead the way.”
Paramount, which since 2008 has offered small businesses fast, hassle-free access to capital, knows the challenges those companies face as it grows right along with them.
And that’s just part of the secret to a success that has seen Paramount nearly triple in size in the past year, going from 20 full-time employees at the close of 2011 to 55 full-time professionals at the end of 2012.
The financial services company is literally bursting at the seams.
Paramount’s announcement of expansion for its Manhattan headquarters to accommodate the company’s hard-working, dedicated professionals, comes on the heels of the company opening its first satellite office in Roslyn, Va., last year.
Paramount co-managing partners Feldman and Smith credit passionate employees for driving the company’s success.
“We are proud to have the most dedicated professionals working with our valued customers to help them meet their cash flow and other capital needs in a speedy manner,” says Feldman. “Our customers are our partners and we greatly appreciate their support because we wouldn’t be here without them.”
Paramount’s expansion now has its professionals occupying 10,000 square feet of office space across two floors.
“To maintain leadership in the industry, we closely monitored our competition and managed technological breakthroughs and advancements in our lending platform,” said co-managing partner Smith. “We learned very quickly that our people and our culture are why we stand above the rest.”
Paramount’s technology allows the company to handle efficiently and with a smooth work flow the significant month-over-month increases in submissions and loan applications that are pouring in with the national growth in small and medium-sized businesses.
Smith and Feldman also focused on recruiting and retaining talent over the past year, helping to position Paramount and its brand as a trailblazing company that holds a solid, lead footing in the marketplace.
“We have a vision to change the way small businesses borrow money in today’s fast-paced economy,” says co-Managing Partner Smith “While banks and traditional lenders spend days, weeks and even months to make decisions on small business loan applications, small businesses miss out on major opportunities.”
But not when they turn to Paramount, adds Smith.
”We offer personalized service to everyone that applies,” Smith says. “We differ from our competitors and big banks because our approach is hands on, allowing our deals to go directly to underwriting.”
“Paramount is not just looking at the applicant’s credit score,” Smith continued. “Our approach allows qualified underwriters to review the file, rather than an administrator who is just pulling credit reports and working solely off the numbers. We’ve expedited the process. We take pride in taking a personalized approach and that includes considering all the variables that allow us to put out stronger approvals, faster.”
Among those Paramount customers is successful home contractor SRA Home Products, a family owned and operated business in operating in New Jersey, Philadelphia and the Philadelphia suburbs.
“SRA Home Products has used Paramount for the past couple of years and they have been outstanding to work with,” said Mike Foti, owner of SRA Home Products, which builds dream-like sunrooms, pergolas, refinished basements and other home improvements. “Paramount has provided immediate funding for our business when it may have taken months using conventional lending. There were times we were able to get the funding we needed in 48 hours.’’
It wouldn't be a surprise to anyone to see Paramount and its customers expand even more by this time next year.
The only question now, it appears, is by how much.
Paramount Merchant Funding, based in Midtown Manhattan, will celebrate its fifth anniversary this year of offering working capital solutions for small to medium sized businesses across the United States. The company was founded with a focus on providing businesses with working capital within just a few days by utilizing its state of the art technology platforms to manage transactions and provide transparency for the firm and its clients.
Since its founding, Paramount and its subsidiaries have provided more than $85 million to more than 3,000 businesses.
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