Paragon provides £125,500 CBILS to access solutions provider, Southern Tower Services Ltd
Paragon Bank has continued its support for UK companies impacted by coronavirus, providing a £125,000 Coronavirus Business Interruption Loan (CBILS) to Reading-based access solutions provider, Southern Tower Services Ltd.
Southern Tower provide working at height solutions, including scaffold towers, to businesses across the South.
With the building industry severely impacted during the peak of coronavirus, Southern Tower experienced a significant drop in turnover. With such a sudden decrease in customer demand, the loan package from Paragon enabled the business to continue meeting obligations to both suppliers and HMRC until orders started returning.
Paragon has been supporting Southern Tower since 2016 with invoice finance and during the winter periods, this support has been extended to ensure that the business’ cash flow enables it to get through the lower turnover months.
Pete Harley, Owner at Southern Tower, said: “We have been working with Paragon for nearly four years and find them very professional and knowledgeable. They are always ready to listen. We have an excellent working relationship with the team and they have really helped our business thrive.”
To date Paragon has lent over £20M to UK SMEs through CBILS, with a number of deals in the pipeline due to complete.
Adrian Taylor, Head of Invoice Finance at Paragon, said: “We are extremely glad that we can support our customers through challenges presented by the pandemic. Our strong relationship with Southern Tower has meant that we have been able to provide ongoing support, tailored to their needs, both prior to the coronavirus pandemic and during.”