Paragon SME Lending cuts credit decision times on asset finance deals
The lender said the improvements have helped brokers and small and medium-sized enterprise (SME) customers move more quickly from application through to funding.
Paragon Bank’s SME Lending division has reduced the average time taken to reach credit decisions on asset finance deals by around 39% over the past year following investment in technology, processes and customer support.
The lender said the improvements have helped brokers and small and medium-sized enterprise (SME) customers move more quickly from application through to funding.
Paragon also reported a 13% year-on-year increase in offer rates, while conversion rates from offer to completed transaction rose by around 4%.
Its SME customer base increased by approximately 8% over the same period.
The lender said growth had been driven across several asset categories, with increases in deal volumes for cars, agriculture, commercial vehicles and waste and recycling assets.
The largest rises in deal values were seen in agriculture, plant machinery and light commercial vehicles.
Paragon said operational improvements had been supported by upgrades to its broker portal, including expanded self-serve functionality and system enhancements designed to reduce manual intervention and speed up deal progression.
The lender has also continued to support smaller businesses through the British Business Bank’s Growth Guarantee Scheme and recently received a further £63m allocation available until 31st March 2027.
Since the scheme launched, Paragon said it has deployed around £80m to SMEs to support areas including energy-efficiency upgrades, cybersecurity infrastructure and workforce training.
Phillip Hughes, deputy managing director of Paragon SME Lending, said: “Speed and reliability really matter to SMEs and the brokers and intermediaries who support them.
“By continued investment in our people, platforms and processes, we’re consistently making quicker, better-informed decisions while maintaining robust credit standards.
“That ultimately translates into a better experience for our customers, as evidenced by the fast-growing number of SMEs we serve.”
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