UK SME lender Paragon Bank has provided a facility of £700,000 for Kent recruitment firm – Gaia Newton Associates – supporting employment across the construction sector.
Gaia, which has partnered with Paragon for over two years, recruits’ individuals for temporary and permanent roles in the construction industry.
The inclusion of debt protection within Gaia’s invoice finance facility recently ensure that the business could continue trading when a major customer ceased to trade due to insolvency and was unable to pay outstanding invoices.
James Hanson, director at Gaia Newton Associates, said: “The support provided from Paragon has helped us on multiple occasions, including when we were impacted due to a client going into liquidation.”
Debt protection is offered by Paragon as an optional benefit to invoice finance facilities, ensuring support should a client fall into difficult circumstances.
Praising Paragon, Hanson continued: “We have been working with Paragon for over two years. The personal service we receive is great and we have a good relationship with our Account Manager. The Paragon team is accommodating and willing to help, also understanding that unforeseen circumstances occur from time to time.”
The specialist lender provides asset finance through approved intermediaries and directly to customers.
Across the firm’s previous financial year, to 30 September 2020, the bank’s SME division lent £288m to SME businesses, local authorities, and professional services firms.
Adrian Taylor, head of invoice finance at Paragon, commented: “We pride ourselves on offering a flexible service and treating customers fairly. We are delighted that a very difficult moment has been avoided and look forward to continuing our relationship with Gaia.”
Taylor concluded: “During the prevailing economic climate, we are encouraging clients to consider the inclusion of debt protection terms within their invoice finance arrangements.”
Within the construction finance team, Paragon Bank recently announced the appointment of two business development managers – Kelly Matthews and Chris Shaw – strengthening the firms regional presences.