FOR IMMEDIATE RELEASE
The British Business Bank, in partnership with 40+ accredited lenders, will make £100 million of finance available to businesses affected by the collapse of Carillion.
Delivered through the Enterprise Finance Guarantee Programme (EFG), the move, announced by Business Secretary Greg Clark, will create cases for businesses to borrow, should they be suffering cash flow problems and lacking security.
Carillion owe an estimated £1 billion to 30,000 businesses in their supply chain, many of which are SMEs.*
For small businesses based in Yorkshire and the Tees Valley, Business Enterprise Fund (BEF) have been asked to partner in this support.
BEF Chief Executive Stephen Waud said:
“We are very aware of the impact that the collapse of Carillion will have on the small businesses that built up its supply chain and understand the pressure many SMEs are under. We have been written to directly by the business secretary asking if we would partner with British Business Bank to support these SMEs.
“I want to urge anyone affected by this to get in touch as soon as possible. As part of the support network, we are here to help.”
Find out more about the support options available below:
The Insolvency Service website provides information for creditors impacted by Carillion’s insolvency, including how to register as a creditor in the liquidation. The Insolvency Service have also set up a dedicated helpline. This can be found here: https://www.gov.uk/government/news/carillion-declares-insolvency-information-for-employees-creditors-and-suppliers
PwC have been appointed Special Managers to support the Official Receiver. PwC have also set up a dedicated website to provide information to those affected, including employees and suppliers. This can be found here: https://www.pwc.co.uk/services/business-recovery/administrations/carillion.html
Businesses can get more information about other options for finance at https://thebusinessfinanceguide.co.uk/journey/
If businesses are unsuccessful in applying for finance from the largest banks, they will automatically be offered a referral to one or more designated finance platforms. The lenders on these platforms may be able to offer funding if a suitable match is found.
Contact Business Enterprise Fund: email@example.com | 0800 0803145
* http://www.telegraph.co.uk/business/2018/01/15/carillion-could-owe-supply-chain-1bn-30000-businesses-face-financial/ January 15th 2018
Notes to editors:
About Business Enterprise Fund
The Business Enterprise Fund (BEF) provides loans from £500 to £150,000 to businesses, helping them thrive and grow. Lending to businesses of all ages and across all sectors BEF has lent over £30 million, helping save or create over 2000 jobs.
BEF are a Delivery Partner for the Government’s Start Up Loans Programme which supports emerging and young businesses with finance and support. BEF alongside FFE deliver the Northern Powerhouse Investment Fund’s Microfinance Loans across Yorkshire, Humber and the Tees Valley, a fund delivered by the British Business Bank.
As a social enterprise and a Responsible Finance Provider, BEF’s profits are reinvested into the loan fund and granted to organisations that encourage and build enterprise. Over the last 5 years BEF’s lending has added nearly £90 million of value to the economy.
Bradford: Devere House, Little Germany, Bradford, BD1 5AH
Leeds: 5th Floor Carlton Towers, 34 St Pauls Street, Leeds, LS1 2QB
York: Blake House, Blake Street, York, YO1 8QH
Tees Valley: Belasis Hall Technology Park, Coxwold Way, Billingham, Stockton-on-Tees, TS23 4EA
Goole: Goole Development Trust, 57 Carlisle Street, Goole, DN14 5DS
Fergus Mckie, Marketing Co-ordinator: Fergus.firstname.lastname@example.org 07827 318692
Tel: 07827 318692
The Business Enterprise Fund is a social enterprise that lends money to businesses in West & North Yorkshire & the North East, who are unable to get lending from the banks. As a social enterprise there are no share holders – all profits generated are reinvested into the business.
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