UK: Banks provide £225m in funding for firms affected by Carillion liquidation

Following the collapse of construction firm Carillion in January 2018, three major banks - Lloyds Banking Group, HSBC, and RBS Group - have launched emergency funding programs for their small business customers that have been affected by the Carillion failure.

Lloyds Banking Group has launched a £50m fund, HSBC a £100m fund, and RBS Group have made £75m of funding available, bringing the combined total to £225m. The moves are designed to minimise the impact to, and assist the recovery of, SMEs both in the private and public sector who have been affected by the Carillion collapse.

Other banks are expected to follow this example, as Secretary of State for Business, Energy and Industrial Strategy Greg Clark said: “It is essential that small businesses exposed (to the Carillion collapse) are given the support they need by their lenders, and I look forward to other banks following suit”.

Managing Director of SME banking at Lloyds Bank Commercial Banking shares this sentiment, stating: “We know how critical it will be for businesses within Carillion’s supply chain to receive support with their cash flow, to help them through the temporary challenge to their business. These (funds) will ensure these small businesses have the financial support they need to get themselves back on track.”

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