Paragon provides £120,000 CBILS for Uxbridge-based drainage and plumbing firm
Paragon Bank continues to support UK SMEs during coronavirus, providing a £120,000 Coronavirus Business Interruption Loan (CBILS) loan to Uxbridge-based plumbing and draining firm, Jet Clean Maintenance Services Ltd.
Jet Clean is a plumbing and drainage maintenance company based in Hillingdon, Uxbridge, that provides services to industrial and domestic clients.
The business approached Paragon for support when the first wave of coronavirus hit and demand for the business’ services reduced. A cash flow injection was needed to ensure that payments could still be made to suppliers and that Jet Clean could continue to pay its staff.
Paragon has had a long-standing relationship with Jet Clean, previously providing the business with support through invoice finance.
Raymond Lord, managing director at Jet Clean, said: “The support that Paragon was able to provide was vital in ensuring that we were able to maintain cash flow when the COVID-19 pandemic. Without the CBILS loan, I don’t know if we would still be trading. We did have to make some redundancies and furlough staff due to the pandemic, as workload dropped quite a lot but the support from Paragon prevented the impact being any worse.
“The team at Paragon has always been extremely helpful, polite and easy to approach.”
Adrian Taylor, head of invoice finance at Paragon, said: “We pride ourselves on offering a flexible service and treating our customers fairly, so we are really pleased that we were able to be a further arm of support for Jet Clean when difficult times hit.”