Paragon targets further Vendor growth after strong year of expansion

Paragon Bank has reported strong growth in its SME Lending Vendor proposition, with advances increasing by 42% and transaction volumes rising by 67% over the past 12 months.

The bank said the growth has been driven by a combination of technology investment and expansion of its sales and support teams, helping dealers and vendors process transactions more efficiently while supporting larger and more complex funding requirements.

A key factor behind the increase has been the growing adoption of Paragon’s business portal, which enables dealers and vendors to submit finance proposals, track progress and generate documentation once transactions have been approved.

The increase in transaction volumes has been largely driven by a higher number of lower-value proposals being submitted through the platform, allowing straightforward transactions to be processed more quickly.

At the same time, the portal is supporting larger and more complex deals by applying consistent checks and controls throughout the process. While such transactions may still require manual underwriting, the technology helps identify key areas requiring attention, improving efficiency and reducing delays.

To support continued growth, Paragon has also strengthened its Vendor team with several new appointments. Andrew Kenny and Joshua Atkinson have joined as Business Development Managers, bringing additional expertise in sectors including transport and heavy goods vehicles. David Gee has also joined from Close Brothers, replacing a retiring BDM.

The lender has further enhanced its sales capability through the creation of an internal sales desk, led by Sharon Palmer. The new team is designed to manage less complex transactions, allowing field-based business development managers to focus on larger and more specialist funding opportunities.

Earlier this year, Paragon also appointed Richard Van Dort as Head of Business Development Vendor, with responsibility for strengthening relationships with major vendors and driving further growth across the proposition.

Terry Lloyd, Head of Vendor, SME Lending at Paragon Bank, said:

“Dealers and vendors want finance partners who can help them keep momentum with the customer. When somebody is looking at a piece of equipment, speed and communication matter.

“We have invested heavily in the portal, in our processes and in our people, and that is now making a real difference. Lower value and more straightforward transactions can move through the system much more quickly, while our business development managers can focus their time on larger or more complex deals that need a different level of support.”