Paragon Bank has provided a £120,000 Coronavirus Business Interruption Loan (CBILS) loan to Uxbridge-based plumbing and draining firm, Jet Clean Maintenance Services Ltd.
Jet Clean is a plumbing and drainage maintenance company based in Hillingdon, Uxbridge, that provides services to industrial and domestic clients.
The business approached Paragon for support when the first wave of coronavirus hit and demand for the business’ services reduced. A cash flow injection was needed to ensure that payments could still be made to suppliers and that Jet Clean could continue to pay its staff.
Paragon has had a long-standing relationship with Jet Clean, previously supporting the business with invoice financing.
Raymond Lord, managing director at Jet Clean, said: “The support that Paragon was able to provide was vital in ensuring that we were able to maintain cash flow when the Covid-19 pandemic.
“Without the CBILS loan, I don’t know if we would still be trading. We did have to make some redundancies and furlough staff due to the pandemic, as workload dropped quite a lot but the support from Paragon prevented the impact being any worse.
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“The team at Paragon has always been extremely helpful, polite and easy to approach.”
Adrian Taylor, head of invoice finance at Paragon, said: “We pride ourselves on offering a flexible service and treating our customers fairly, so we are really pleased that we were able to be a further arm of support for Jet Clean when difficult times hit.”
Paragon provides asset finance through approved intermediaries and direct to customer across a range of sectors.
Paragon Bank PLC is a subsidiary of the Paragon Banking Group PLC, a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £12bn of assets under management and manages over 450,000 customer accounts.
Paragon Bank PLC is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.