Specialist SME funder, Bibby Financial Services (BFS), has announced measures to support construction sector businesses following Carillion entering liquidation last week.
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.”
Subject to normal funding criteria, BFS will offer enhanced advanced rates, enabling businesses to access additional working capital to support existing and future contracts.
Funding decisions for new applications will be made within the same working day, helping businesses to make better informed decisions.
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.
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.