Paragon Bank has provided a £500,000 Coronavirus Business Interruption Loan (CBILS) to Norfolk based plant hire firm, Newall Plant Ltd, continuing its support for UK firms impacted by coronavirus.
The CBILS loan has allowed Newall to maintain cash flow during the pandemic. The recent loan has now enabled a recovery in July to almost 75% of its expected turnover.
Leigh Allison, Chief Executive Officer at Newall Plant Ltd, said: “The recovery of our cash flow has been quicker than anticipated thanks to the support from Paragon. It has enabled us to keep our business in place throughout each phase of the pandemic and is now enabling us to accelerate back to “business as usual”.
“Paragon always deliver a first-class service and are always on hand to support. We usually go through the broker KKD Finance but on this occasion they referred me to Paragon where I dealt with Alan Timms directly, who was friendly and professional throughout the process. My experience with Paragon was second to none and I would not hesitate to recommend them.”
Dale Trenam, Head of Transport – SME Lending, at Paragon said: “We are very pleased that our relationship with Newall has meant that we can support the business through these difficult times and allow it to begin operating again as usual in good time.”
Newall Plant Ltd offers cost-effective plant hire, aggregates, groundworks and muck away services to construction business throughout East Anglia.