£250,000 loan helps keep manufacturer on track
Wakefield-based Tasca Tankers has received support from Barclays through the Government backed Coronavirus Business Interruption Scheme (CBILS) to maintain its operations through the COVID-19 crisis.
The business successfully negotiated a £250,000 CBIL facility, which will cover a shortfall in cash flow. This will mean no interruption to the supply chain and no impact on current projects and delivery timescales.
Tasca Tankers was established in 1995 and is headquartered at Diamond Business Park, Wakefield.
The business makes road tankers, manufacturing its products in aluminium, stainless and mild steel.
Shaun Harte, CEO of Tasca Tankers, said: “When we realised what the impact of COVID-19 would have on our growing business we knew we needed to act quickly to ensure our continued success and to protect the future of our employees.
“Working with the Barclays team, we secured a CBILS loan and the funding was released within three days of our initial application.
“It’s great having someone we trust to explain the details and work through the different options available to us.”
Employing over 100 staff on site, the funding has also enabled the business to confidently pay its furloughed staff, knowing that it will receive funds from HMRC in May.
Jacklyn Hersant, Barclays relationship director, put together the funding package for the deal.
She said: “It’s been very rewarding working with Shaun and his team to provide funds so they can sustain their business through the current crisis.
“The CBIL funding will enable them to continue to grow the business at pace and we’re delighted to be able to support a valued customer through these challenging times.”