A family run construction firm in Staffordshire has secured a £150,000 funding boost via the Coronavirus Business Interruption Loan Scheme (CBILS).
Trades and Labourers, a multi-disciplinary construction company based in Newcastle-under-Lyme, secured the loan from BCRS Business Loans to kickstart growth plans after having to scale back its operations during the first Coronavirus lockdown.
As well as safeguarding four jobs, Trades and Labourers also expects to create an additional 10 jobs during the term of the loan.
Managing director of the firm, Lynn Sanders, whose husband and three sons are also involved in the business, said: “With new funding in place, the company intends to continue fulfilling existing contracts that were previously on hold, whilst also having the working capital required to secure new contracts in the coming months.
“We specialise in maintaining and repairing buildings for a range of public- and private-sector clients, completing residential and commercial construction work and groundworks. Being registered with Fensa, Gas Safe, NIC and RSWA means that we have a skilled team capable of working in a number of different construction disciplines.
“After an incredibly challenging 2020, whereby our company had to put a number of contracts on hold due to the Coronavirus and temporarily furlough staff – retaining a small number for emergency work required by our clients – we are delighted to be firmly looking to the future now by completing existing client contracts and looking to expand the business.”
The firm approached alternative lender BCRS Business Loans, which was established almost 20 years ago to support SMEs in the West Midlands that are unable access finance from traditional lenders, such as banks.
Andrew Hustwit, business development manager for Staffordshire and Stoke-on-Trent at BCRS Business Loans, added: “We are delighted to have provided the funding that Trades and Labourers required to recover from the interruption inflicted by the Coronavirus and work towards growth in the coming months. As a lender of social and economic impact, we are also delighted that ten jobs will be created thanks to this loan.
“We are proud to be a delivery partner for the Community Investment Enterprise Facility (CIEF), which is a crucial fund for ensuring SMEs secure the funding they need to survive, recover and grow at this incredibly difficult time. We believe that no viable business should go unsupported.”
This funding boost was facilitated by the Community Investment Enterprise Facility (CIEF), which is delivered on a local level by BCRS Business Loans and managed by Social Investment Scotland.
Alastair Davis, Chief Executive at Social Investment Scotland, said: “‘The Community Investment Enterprise Facility aims to provide investments to SMEs in communities across the country, to bolster their local social and economic impact. We are delighted that Trades and Labourers have secured this loan from BCRS and wish them every success as they rebuild their business following the challenges related to the Coronavirus pandemic.’
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
West Midlands based businesses can secure loans from £50,001 to £150,000 via CBILS accredited lender BCRS Business Loans, where interest and lender-levied fees are paid by the government for the first year. Alternatively, loans from £10,000 to £150,000 are available from BCRS outside of the CBILS scheme.
Visit www.bcrs.org.uk to discover more or submit an initial application form.