Paragon Bank, the specialist lender, has provided a £500,000 Coronavirus Business Interruption Loan (CBILS) to Newall Plant, a Norfolk-based plant hire firm.
The CBILS loan has enabled a recovery in July up to almost 75% of the firm’s expected turnover, allowing it to sustain cash flow throughout the pandemic.
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.”
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In June, Paragon also supplied a £250,000 CBILS to Southampton-based printing firm Indigo Press.
The news comes after the bank recently announced it grew its specialist buy-to-let mortgages business by 1.5% over the first half of its financial year.