BEF joins Government response to support Carillion supply chain

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.

BEF CEO Stephen Waud

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/...

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...

Businesses can get more information about other options for finance at https://thebusinessfinanceguid...

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.

*http://www.telegraph.co.uk/business/2018/01/15/carillion-could-owe-supply-chain-1bn-30000-businesses-face-financial/ January 15th 2018

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