The new funding brings paragon’s total GGS lending capacity to £55m with £10m worth of funding specifically set aside to support UK businesses affected by international trade tariff changes and is targeted at sectors such as manufacturing.
To date, Paragon has delivered over £40 million in GGS-backed funding to more than 300 SMEs.
The GGS is part of a UK government strategy to boost economic resilience and regional development.
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Phil Hughes, deputy managing director of SME Lending at Paragon Bank (pictured above), said: “The additional funding from the British Business Bank is a welcome boost and a clear vote of confidence in our ability to deliver meaningful support to UK SMEs.
“The dedicated £10m for businesses impacted by international trade disruption is particularly important – these firms have faced unique pressures and we’re proud to be in a position to help them adapt and thrive.”
Reinald de Monchy, chief banking officer at the British Business Bank said: “We are pleased to provide this additional capacity to Paragon Bank from the Growth Guarantee Scheme.
“Manufacturing is an important sector for the scheme, and we look forward to seeing the impact Paragon will have on their customers from this lending, unlocking much-needed capital for smaller businesses across the sector and generating growth.”
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