The Department of “Business, Energy and Industrial Strategy” reported that the “British Business Bank” will be lending out “100 million pounds” in total to workers and small business bodies that were at the brunt of the liquidation process of Carillion Plc.
The said “package” would help businesses in the “construction” as well as subcontractors of outsourcing company as they may not possess “sufficient assets as security for conventional loans”. After Carillion’s banks’ refused to support the company, the two hundred year old organisation came to a collapsing point, whereby demonstrating “Britain’s biggest corporate failure in a decade”, while the government was forced to take charge of the situation guaranteeing “public services from school meals to roadworks”.
The U.K. Finance, a trade body of the banking sector has given confirmation on the news of an “additional multi-million pound package for small businesses and personal banking customers”. As business secretary, Greg Clark, stated:
“We want to signal very clearly to small and medium sized businesses who were owed money by Carillion that they will be supported to continue trading”.
Moreover, Reuters reported that:
“The package is in addition to the range of measures already announced by Britain’s biggest banks including Lloyds Banking Group Plc (LLOY.L), HSBC Holdings Plc (HSBA.L) and Royal Bank of Scotland Group Plc (RBS.L)”.
Lloyds would give 50 million pounds, RBS “75 million pounds” and HSBC would contribute towards “100 million pounds”. Furthermore, the banks also clarified that if any “business customers” are facing finance related difficulties due to the collapse of Carillion, they will be eligible for “payment holidays”, and “fee support”, while “in the case of Lloyds”, they will receive “working capital”.
References:
reuters.com
The said “package” would help businesses in the “construction” as well as subcontractors of outsourcing company as they may not possess “sufficient assets as security for conventional loans”. After Carillion’s banks’ refused to support the company, the two hundred year old organisation came to a collapsing point, whereby demonstrating “Britain’s biggest corporate failure in a decade”, while the government was forced to take charge of the situation guaranteeing “public services from school meals to roadworks”.
The U.K. Finance, a trade body of the banking sector has given confirmation on the news of an “additional multi-million pound package for small businesses and personal banking customers”. As business secretary, Greg Clark, stated:
“We want to signal very clearly to small and medium sized businesses who were owed money by Carillion that they will be supported to continue trading”.
Moreover, Reuters reported that:
“The package is in addition to the range of measures already announced by Britain’s biggest banks including Lloyds Banking Group Plc (LLOY.L), HSBC Holdings Plc (HSBA.L) and Royal Bank of Scotland Group Plc (RBS.L)”.
Lloyds would give 50 million pounds, RBS “75 million pounds” and HSBC would contribute towards “100 million pounds”. Furthermore, the banks also clarified that if any “business customers” are facing finance related difficulties due to the collapse of Carillion, they will be eligible for “payment holidays”, and “fee support”, while “in the case of Lloyds”, they will receive “working capital”.
References:
reuters.com