COVID-19: Rye Demolition secure CBILS loan to combat coronavirus impact

Hertfordshire-based firm receives Government-backed loan from specialist SME lenders Paragon 

PARAGON have continued their support for UK business by ensuring SMEs have access to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support for companies struggling during the COVID-19 pandemic. 

Rye Plant and Rye Demolition have announced that they have secured the emergency loan from accredited lenders Paragon via the CBILS. This means the demolition and plant hire business can fund its working capital shortage and ensure continued payments to suppliers, staff and subcontractors whilst waiting to get full payments from customers. 

In light of the ongoing coronavirus, many businesses in the waste-recycling industry are not operating at their full capacity and CBILS has been a lifeline to Rye Demolition in supporting the short-term need for working capital.

Mahesh Giri, finance director for Rye Group, said: ‘Paragon is a very responsible lender and is always on hand to discuss any issues. When our business was on hold due to the lockdown period, Paragon was the first lender to offer support through forbearance.’

Peter Pike, regional director of commercial finance for Paragon, added: ‘We are very pleased that our relationship with Rye Group has meant that we can support the business through these difficult times and allow the them to continue making payments to key stakeholders.’