Finding the right solution for your needs

by Terry Lloyd, Head of Construction, Paragon Bank

ambitions. Crucial to their delivering on both is the need to acquire assets in a timely way that supports their business plans, and that is what we are dedicated to delivering.

This requires taking a flexible approach and developing a financing solution that works for all. Just as no two projects are the same, there is no a one size fits all funding package. Specialist lenders understand the challenges that firms in the sector face, the equipment they are seeking to acquire, and are ready to develop bespoke packages that will get assets into the hands of businesses.

Whether it be through refinancing existing assets, hire purchase, finance or operating leases, SMEs can be assured that there is a range of options available to them that can be delivered over a preagreed timeframe – providing businesses with the opportunity to add assets to their operations without the need to pay the full amount upfront, or keep an asset unused at their HQ.

When it comes to the construction and demolition sector, no two projects are the same. One year you are tearing down an old leisure centre, the next you are helping to build fresh rail infrastructure.

Each project comes with its own unique combination of size, timescales, and complexity – and with that comes the need for SMEs in our sector to have the right equipment to successfully deliver the task in hand.

Where one project might require three excavators for three months, another may need five diggers with specialist fittings for a year – along with the need for extra assets that may arise as the project progresses.

Having an extensive fleet ready for any and every eventuality is not a sensible prospect for SMEs. Maintaining, insuring, and taxing assets that may not be required for years at a time are not costs businesses want on their balance sheets, but it remains essential that they are able to access the assets they require to deliver key projects –and that is why asset finance continues to play a vital role in our sector.

As Head of Construction at SME finance specialist Paragon, I see both the incredible projects SMEs are undertaking and support them to achieve their growth www.paragonbank.co.uk

We also understand that sustainability is becoming an increasingly important topic in the construction sector. With rising demands to reduce the industry’s environmental impact, businesses are being challenged to reduce their carbon footprints to meet government net zero target – especially when it comes to publicly funded infrastructure projects.

For our economy to grow it is essential that assets continue to reach the SMEs delivering the projects that society needs. That is why the Paragon team is committed to developing packages that will get diggers to where they belong – on site – ensuring these vital projects are successfully delivered.