With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) falling below the 5,000 mark, many shares are falling today. The index’s 5.8% fall over the past five days also reiterates the reason why dividend-paying shares should be a part of every investor’s portfolio.

Here are 3 small companies paying solid dividends but flying under the radar of most investors…

Countplus Ltd (ASX: CUP)

The Countplus share price has dropped nearly 25% over the past year to 87 cents, but that offers an opportunity for astute investors. The accounting and financial advise firm’s shares currently trade on a P/E ratio of below 10x and currently paying a fully franked dividend yield of 9.2% – which grosses up to more than 13%. Given the consolidation in the financial services sector, Countplus is also a likely takeover target with the Commonwealth Bank of Australia (ASX: CBA) owning 30% through Count Financial Limited. Another bonus is the 4.85% of superannuation software provider Class Ltd (ASX: CL1) that Countplus holds.

CTI Logistics Limited (ASX: CLX)

The CTI Logistics share price is down more than 20% over the past year. The transport and logistics group has recently expanded from its home state of Western Australia into the eastern states via its acquisition of GMK Logistics in June 2015. Currently paying a 7.3% fully franked dividend – grossed up to 10.4% – and an undemanding P/E ratio of 11.8x, that appears cheap for a company which should benefit from the increasing logistics and transport needs of Australians.

Select Harvests Limited (ASX: SHV)

The Select Harvests share price has plummeted more than 30% in the past six months to $7.68, after hitting an 8-year high in August 2015 of more than $13.60. That’s despite the absence of bad news from the almond producer and earnings per share of 82.9 cents in the 2015 financial year – up 121% over the previous year. Trading on a trailing P/E ratio of less than 10% and paying a 6.4% unfranked dividend, this could be the opportunity of a lifetime. You only have to consider the potential for sales of Australian-produced almonds and almond products into Asia.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.