Paragon Bank continues to support UK SMEs, providing a facility of up to £700,000 to support working capital needs of Kent-based recruitment firm, Gaia Newton Associates Ltd, enabling the business to continue paying wages.
For over 35 years, Gaia has placed individuals in both temporary and permanent roles, predominantly within the construction industry.
Paragon has been supporting Gaia for a number of years. The inclusion of debt protection within Gaia’s invoice finance facility recently ensured that the business could continue trading and thrive when a major customer ceased to trade due to insolvency and was unable to pay outstanding invoices.
The inclusion of debt protection as an optional benefit to invoice finance facilities not only brings peace of mind to management within businesses but provides a vital arm of support should a client fall into such circumstances.
James Hanson, Director at Gaia Newton Associates, said: “The support provided from Paragon has helped us on multiple occasions, including when we were impacted due to a client going into liquidation.
“We have been working with Paragon for over two years. The personal service we receive is great and we have a good relationship with our Account Manager.
“The Paragon team is accommodating and willing to help, also understanding that unforeseen circumstances occur from time to time.”
Adrian Taylor, Head of Invoice Finance at Paragon, said: “We pride ourselves on offering a flexible service and treating customers fairly. We are delighted that a very difficult moment has been avoided and look forward to continuing our relationship with Gaia.
“During the prevailing economic climate, we are encouraging clients to consider the inclusion of debt protection terms within their invoice finance arrangements.”