The Secretary of State for Business, Energy and Industrial Strategy has asked Business Finance Solutions - part of The Growth Company, to act as part of the national support package for companies affected by the collapse of construction giant Carillion.
Greg Clark MP has announced that the Government are making £100m available to help ease the situation and has asked the British Business Bank to work alongside Enterprise Finance Guarantee (EFG) providers to support Carillion supply chain companies who may be struggling to pay bills and keep staff.
As an EFG authorised lender, Business Finance Solutions will help those companies affected to unlock support from the £100m fund as a temporary measure.
Paul Breen, Director of Business Finance Solutions said: “Working closely with the British Business Bank we aim to help many of those companies facing an uncertain future following the collapse of Carillion. We are already geared up to assist with flexible scale financing and welcome this endorsement by the Government of our capability. It’s good to know that the Growth Company is seen as part of a national solution to the ripple of financial issues coming from the Carillion crash.”
Due to the unique way in which the Growth Company can work with business at every stage of their journey, it is able to support vulnerable businesses in a way that some other larger institutions might not.
The Growth Company has a large range of support services and workshops aimed at helping businesses of all sizes to be lean, cost effective and well managed. From one-to-one support from experienced advisors who have managed their own companies, to fully-funded business development programmes that support SME construction businesses to scale-up.
As a major provider of construction skills and apprenticeships, the Growth Company is also promoting the Construction Industry Training Board’s (CITB) package of support for apprentices and has been able to provide localised advice and support. A dedicated enquiry line was established in the days following the collapse of Carillion, with specialist advisors on hand to help ascertain what support was needed - from helping apprentices to complete a qualification to finding another construction employer to enable them to complete their apprenticeship.
For more information on how you can access support, please click here.