Paragon Bank's SME Lending arm reduces deal processing times by 60%
Paragon Bank's SME Lending division has achieved a reduction in its deal processing times, cutting the average application processing time by 60% in 2024.
This improvement is attributed to advancements in the division's technological and operational capabilities, leading to an increase in its conversion rate.
The reduction in processing time, from application receipt to approval, is primarily due to the expansion of the division's automated decision engine.
This system allows for certain applications to be auto-approved and provides an 'assisted underwriting' outcome on every application, the company explained.
The recent expansion of the division's credit and risk team has also contributed to quicker decision-making.
This enhancement enables the sales and underwriting team to dedicate more time to complex deals, further improving efficiency.
According to Paragon, the accelerated processing has led to 'record' conversion rates for the company, with the division achieving a 12% annual growth in 2024.
SME Lending remains a key growth area for Paragon, with the division reporting over £480m ($620.89m) in lending last year, marking a 7.3% increase from the year before.
Paragon SME Lending managing director John Phillipou said: 'We are delighted that the continued development of our technological capabilities, and the expansion of our Credit and Risk team is enabling us to deliver a significantly improved level of service for our Broker and Vendor partners, as well as our customers. 'We have some really exciting plans for the SME Lending division at Paragon over the coming years, and with the project to deliver our new back-office system now underway, we aim to continue to improve the service we are able to offer and help more SME businesses than ever before.'
In a recent development, Paragon Bank's SME Lending division provided TSL Contractors, a Scottish building, civil engineering, construction, and aviation company, with a £2m funding facility.
This funding supports TSL's expanded workload and includes an Airbus helicopter acquisition.
The deal was led by Alison Jones, head of aviation in the specialist lending team, under the leadership of Matt Bass, for Paragon's SME Lending division.
"Paragon Bank's SME Lending arm reduces deal processing times by 60%" was originally created and published by Leasing Life, a GlobalData owned brand.
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