Members of the International Powered Access Federation (IPAF) could benefit from low and zero-interest loans to ease cashflow, following an announcement that the Government-backed British Business Bank is to offer lending support to any companies affected by the collapse of UK construction and infrastructure contractor Carillion.
Among other measures the Government announced recently that the Business Bank would offer loans to companies in the supply chain suffering losses or cashflow problems after Carillon went into liquidation last month. There are believed to be around 11,500 facilities management and construction firms in Carillion’s direct supply chain, including numerous subcontractors across the powered access sector.
Richard Whiting, IPAF’s UK General Market Manager, comments: “The Carillion Taskforce has so far received updates from the DWP, PWC, DfT, Network Rail and Highways England. The British Business Bank is offering loans at preferential rates to any company directly affected by the collapse of Carillion, and we want to make IPAF members aware of this facility if they are suffering related cashflow concerns.
“IPAF continues to work closely with Build UK, of which IPAF is a member, to ensure our members have all the latest information about the Carillion situation and we will continue to update members throughout the process. IPAF offers business support and guidance to its members and we urge anyone with questions or concerns to get in touch if they require specific advice or assistance.”
IPAF members affected by the collapse of Carillion and the knock-on effects on the supply chain can get in touch with their bank if they are having cashflow issues. The UK Government has issued a fact sheet, which can be viewed or downloaded here.