Editor's note: BankUnited says the factoring firm cited in the story below overstated its relationship with the Miami Lakes, Fla., bank. That story can be found here.
BankUnited (BKU) in Miami Lakes, Fla., has joined with a factoring company to provide funding to small businesses.
The $12 billion-asset company has agreed to partner with Paragon Financial, a factoring specialist in Fort Lauderdale to open a lending office to serve business customers, the companies announced Thursday. They will offer invoice factoring, receivables financing, credit protection and purchase order guarantees to companies with monthly revenue up to $3 million.
The partnership will help BankUnited to fund underbanked business clients, the companies said.
"Partnering with Paragon Financial is extremely important for BankUnited in order to grow and expand our national presence among small and medium-sized companies" Rick Thill, a BankUnited senior vice president, said in a news release.
BankUnited, led by John Kanas, has been expanding aggressively in Florida and New York; it opened its first branches this year.