Paragon Bank SME lending division passes £90m milestone

Paragon Bank’s SME Lending division has deployed more than £90m through the British Business Bank's Growth Guarantee Scheme (GGS).

Paragon says it has steadily increased its support since becoming an accredited lender through the scheme. The GCS, delivered by the British Business Bank on behalf of the UK government, enables lenders to provide funding to small businesses that may otherwise struggle to access finance. Through the scheme, Paragon has supported over 300 SMEs across sectors including manufacturing, transport, construction, engineering and agriculture.

For SMEs, the scheme provides access to funding that can support expansion, improve productivity and strengthen resilience.

Businesses that have received the support include an aircraft manufacturing firm in the North West, which secured a £100,000 GCS-backed loan from Paragon; a York community centre which received £87,000 to invest in a wastewater treatment system; and a North East coffee shop which got £25,000 funding to do a refit.

"Reaching £90m of lending through the GGS demonstrates the value of the scheme and the important role it is playing in supporting Britain's small businesses’ resilience and growth," said Phil Hughes, deputy managing director of SME lending at Paragon Bank.