Paragon supports Hertfordshire-based plant hire and demolition business with Coronavirus Business Interruption Loan.
Specialist SME lender Paragon Bank has continued its support for UK companies impacted by coronavirus, providing a Coronavirus Business Interruption Loan (CBILS) to Hertfordshire-based plant hire and demolition businesses, Rye Plant Hire and Rye Demolition.
The CBILS loan has enabled the business to fund their working capital shortage, allowing continued payments to suppliers, staff and sub-contractors, whilst waiting to get full payments from customers.
Due to the ongoing coronavirus, the industry is not operating in its full capacity and CBILS has been a lifeline to the business in supporting the short term need for working capital.
Mahesh Giri, Finance Director at Rye Group of Companies, said: “Paragon is a very responsible lender and is always on-hand to discuss any issues. When our business was on hold due to the lockdown period, Paragon was the first lender to offer support through forbearance.”
Peter Pike, Regional Director for Commercial Finance at Paragon, said: “We are very pleased that our relationship with Rye Group has meant that we can support the business through these difficult times and allow the them to continue making payments to key stakeholders.”
Rye Plant Hire Limited, established in 1994, offers plant and equipment hire to construction and demolition companies. Rye Demolition Limited is a fast-growing demolition business with over 15 years in trading.