Provides Alternative Funding Options for Two Local Businesses - Family Enterprises, Inc. - Bright Idea Design Studios, Inc.

Posted On: 03-01-2010

West Palm Beach, FL - March 4, 2010 - With many small business owners struggling to find banks willing to make loans, the Paragon Foundation provides a much needed alternative. The Paragon Foundation utilizes program related investing - such as loans and equity investments - to support their mission and generate the potential return of capital to sustain operation. 

Family Enterprises, a long-established black-owned family business, received a $110,000 loan to renovate the historic "Shops of Rosemary" commercial building. Paragon's funding helped restore the building for full occupancy, create the potential for 27 new jobs and provide affordable space in the revitalized commercial district that is just within view of CityPlace. 

 

Paragon also provided a $250,000 loan with an option for equity ownership to Bright Idea Design Studios which is a design studio and retail operation that creates high-end athletic and urban footwear. The studio will be located on Clematis Street in downtown West Palm Beach where its owner, Omar Bailey, will continue designing his products for the celebrity and professional-athlete markets and establish his own brand.

 

According to Pamela Morrison, Paragon's President, "These investments demonstrate the Foundation's belief that it can make a real difference for small business owners who might not otherwise have access to funding and business resources." Morrison believes the funding to Family Enterprises and Bright Idea Design Studios illustrates how the Paragon Foundation can help grow and sustain small and minority businesses - and realize a return on their investment that helps sustain the not-for-profit's operations.

 

About The Paragon Foundation

 

The Paragon Foundation is an economic and community development organization located in West Palm Beach, FL. Founded in 2006 as a not-for-profit corporation, their primary purpose is to support the growth and prosperity of startup, emerging, and mature businesses in Palm Beach County in various ways including the participation of Black-owned businesses in the biotech sector and urban redevelopment. Paragon commenced operations in July 2008 and provides three investment categories - Venture Fund, Business Assistance and an Entrepreneurial Scholarship.

 

Paragon Foundation

Natalie Beadle

561.228.6146

nbeadle@paragonpbc.org

 

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