KaZee Turns to Small Tennessee Bank for Cash Infusion to Fuel Rapid Growth
In mid-2019 KaZee, a minority-owned healthcare information technology company, experienced a massive growth spurt requiring a quick injection of capital to invest in additional employees, suppliers, equipment, and facilities.
KaZee, a Tennessee company with its headquarter in Atlanta, turned to Memphis-based Paragon Bank, a regional community bank, which KaZee management says immediately understood their situation and need for an immediate and ongoing cash infusion.
“When we searched for a financial partner to help us deal with our rapid growth, we settled on Paragon for two key reasons,” explains KaZee CEO and Chairman, Albert Woodard. “First, the bankers at Paragon were by far the most understanding of our needs, and secondly they understood our sense of urgency and were willing to make quick decisions that enabled us to immediately begin performing on the large contracts we had recently been awarded.”
Woodard says he and his management team did thorough due diligence when searching for a banking partner. “We settled on Paragon because it fully understands how today’s robust economy has generated more and more demand for our products and services and instantly recognized our need for capital to continue meeting that demand.”
“Working with Paragon is like having a financial partner just down the hall,” says Woodard. “Two weeks after contacting Paragon we had the capital we needed.”
That’s how Paragon planned it when it was founded 15 years ago according to bank First Vice President of Commercial Lending Bill Freeman. “Being a smaller bank enables us to make fast decisions because our CEO is just down the hall from my office,” says Freeman.
“Just like KaZee did its due diligence on us, we also have a department at the bank that handles small and minority businesses, women, African-Americans, etc. We also have a set of criteria called the five C’s – Credit-Character, Capacity, Capital, Conditions and Collateral -- that we look for in a client. KaZee met them all. Our representative in Atlanta said he had a program that would work for the African-American owned KaZee called ‘Profit Stars,’” explains Freeman.
Despite its Memphis headquarters, Paragon says serving clients in Atlanta isn’t unusual, particularly for small business organizations. “Business owners don’t select a bank because its name is on a sports stadium,” says Freeman. “Ads for community banks never claim they operate like large megabanks. On the other hand, in their ads large banks talk about themselves as a community bank, because they know people prefer a personal touch and speedy decisions handled locally that can only be performed by locally owned institutions.
Freeman explained that Paragon mostly does business out of its offices in Oxford, Mississippi, Atlanta, and, of course, Memphis.
In July, KaZee was awarded a $27 million contract with the Department of Corrections in Illinois to streamline and improve the electronic healthcare system of the more than 39,000 adults and juveniles incarcerated in its prisons and detention centers.
About KaZee, Inc.
KaZee, Inc., is a leading provider of high-quality information technology (IT) products and services to the healthcare industry. Working with the University of Texas Medical Branch and the Texas Department of Criminal Justice, KaZee helped develop and implement one of the first Electronic Health Records Systems in the Country and one of the largest Telemedicine Operations in the World outside of the U.S. Department of Defense. KaZee works with Parkland Hospital today to help support Parkland’s contract with Dallas County to provide quality healthcare to the County’s inmate populations. Both programs have received high recognition for the quality and cost effectiveness of the healthcare they provide their inmates. KaZee is a national firm that supports its customers all across the country. For more information about KaZee visit www.KaZee.us.
About Paragon Bank: Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service and in 2018 opened its full-service Oxford Banking Center. For nearly 15 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank. For more information about Paragon Bank, please call (901) 273-2900, the Oxford Banking Center at (662) 259-8306 or visit us online at www.bankparagon.com.
Read the full story here: KaZee Turns to Small Tennessee Bank for Cash Infusion to Fuel Rapid Growth
Press Release Distributed by PR.com