Paragon reaches £90m Growth Guarantee Scheme milestone
Paragon Bank’s SME lending division has deployed more than £90m through the British Business Bank’s Growth Guarantee Scheme (GGS).
The GGS is intended to support small businesses with growth potential by improving access to funding.
Q2 SME lending reached a post-pandemic high of £5.35bn, although has not yet recovered to pre-pandemic levels.
Through the scheme, Paragon Bank has supported over 300 SMEs across sectors including manufacturing, transport, construction, engineering and agriculture.
Phil Hughes, deputy managing director of SME lending at Paragon Bank, said: “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.
“SMEs are the engine of the UK economy, but many continue to face barriers when seeking finance. The Growth Guarantee Scheme helps bridge that gap, giving businesses access to the funding they need while allowing lenders such as Paragon to support a broader range of viable firms.
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“That’s why we are urging the British Business Bank to build further on schemes such as the GGS. Continued support will be vital if we are to drive productivity and help government deliver on its ambitions to achieve growth in every postcode.”
Reinald de Monchy, chief banking officer at the British Business Bank, said: “The Growth Guarantee Scheme continues to play an important role in improving access to finance for smaller businesses across the UK. We’re pleased to work with delivery partners like Paragon Bank to ensure businesses can access the funding they need to invest, grow and contribute to economic growth.”
