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£100m of finance for companies impacted by Carillion collapse

06 February 2018

Businesses affected by the failure of Carillion last month will now have access to £100m of finance, according to the British Enterprise Fund (BEF).

A partnership has been formed between the British Business Bank and over 40 accredited lenders, with the funds be delivered through the Enterprise Finance Guarantee (EFG) programme.

Those companies suffering from cash flow problems and "lacking security" will be eligible to borrow money through the scheme, said Business Secretary Greg Clark.

Support from the BEF will be provided to business in Yorkshire and the Tees Valley.

BEF chief executive Stephen Waud said the organisation was "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".

The BEF became involved in providing assistance after Greg Clark wrote to request its support of SMEs affected in the area.

"I want to urge anyone affected by this to get in touch as soon as possible," said Mr Waud.

Those affected by the Carillion are urged to register with the Insolvency Service as a creditor.

Further information on the steps to follow and a dedicated helpline are available here.

In the latest development following the company's failure, MPs are questioning the former Carillion directors, who are being asked to account for the level of debt and lack of prior notification regarding lack of investment in employee pensions.

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