Paragon Bank has provided a £500,000 Coronavirus Business Interruption Loan (CBILS) to Norfolk-based plant hire firm Newall Plant.
The CBILS loan has allowed Newall to maintain cash flow during the pandemic, with the recent loan now enabling a recovery in July to almost 75% of its expected turnover.
Leigh Allison, chief executive at Newall Plant, said: “The recovery of our cash flow has been quicker than anticipated thanks to the support from Paragon. It has enabled us to keep our business in place throughout each phase of the pandemic and is now enabling us to accelerate back to “business as usual”.
“We usually go through the broker KKD Finance but on this occasion they referred me to Paragon where I dealt with Alan Timms directly, who was friendly and professional throughout the process. My experience with Paragon was second to none and I would not hesitate to recommend them.”
Dale Trenam, head of transport – SME lending at Paragon said: “We are very pleased that our relationship with Newall has meant that we can support the business through these difficult times and allow it to begin operating again as usual in good time.”
Last month, Paragon provided a £250,000 CBILS to Southampton-based printing firm Indigo Press.
Amanda Wytenburg, business development manager at Paragon, said: “We are extremely glad that we can support our customers through challenges presented by the pandemic. Our strong relationship with Indigo has meant that we have been able to provide ongoing support, tailored to their needs, both prior to the coronavirus pandemic and during.”
Paragon Bank Plc a subsidiary of the Paragon Banking Group Plc, which is 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.