Paragon passes the £5m CBILS lending mark
Paragon Bank is continuing its support of the UK’s small to medium sized companies, lending over £5 million through the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) in just over one month.
Paragon began lending through CBILS on 27 May 2020 and has seen particularly strong demand from companies in the construction and manufacturing sectors. Paragon’s participation in CBILS is part of the bank’s wider programme of support to help SME customers during this difficult period.
Lending through CBILS is expected to accelerate in the coming weeks as the number of applications in the pipeline builds.
John Phillipou, managing director of SME Lending at Paragon, said: “CBILS will provide much needed support to SMEs that had a viable business before the coronavirus pandemic. It’s vital that we can support our SMEs and the wider economy and being accredited under CBILS reflects our commitment to the sector.
“Across Paragon’s SME Lending division, we have resources allocated to CBILS, handling the Covid-19 forbearance process and maintaining business as usual. We have also worked with other departments across Paragon to ensure our CBILS process is accurate, efficient and delivers the support to SMEs that they vitally need at this time.”
Applications for the CBIL Scheme are open to existing business customers only wishing to borrow between £50,001 and £500,000. Further information on the scheme can be found here.
Applications for the Bounce Back Loan (BBL) Scheme are now also open to existing Paragon business customers wishing to borrow between £2,000 and £50,000. Further information can be found here.
