BFS announces measures to support construction SMEs in wake of Carillion collapse
Bibby Financial Services has announced measures to support construction sector businesses following news that main contractor, Carillion, entered liquidation on Monday 15 January 2018.
Helen Wheeler, managing director for construction finance at BFS said:
“The ramifications of Carillion’s collapse are being felt throughout the sector and beyond, with an estimated 30,000 business impacted.
“As a provider of specialist funding for the construction sector, we are announcing measures that will enable us to offer additional support for subcontractors and SMEs that have been directly or indirectly affected.
“These measures will help SMEs to evaluate if and how their businesses are impacted, and understand support available in relation to funding, credit control and bad debt protection.”
The measures announced are:
• Enhanced advance rates
Subject to normal funding criteria, BFS will offer enhanced advanced rates, enabling businesses to access additional working capital to support existing and future contracts.
• Same day funding decisions
Funding decisions for new applications will be made within the same working day, helping businesses to make better informed decisions.
• Cashflow consultations
Free debtor reviews are available for all existing clients and on new construction finance enquiries, enabling SMEs to evaluate any direct or indirect impact and to understand funding levels available to their businesses.
• Bad debt protection reviews
BFS’s construction finance team will undertake bad debt protection reviews for existing clients and on new applications, allowing businesses to understand which debts can be protected against customer insolvency, non-payment or protracted default.
For more information, existing clients should contact their Bibby Financial Services relationship manager.
For new enquiries, call 0808 250 1185 or visit: www.bibbyfinancialservices.com/funding/specialist-funding-solutions/construction-finance