Construction firm secures funding boost
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, 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.”
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.
