Carillion crisis sees bank pledge £50m to firms

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LLOYDS Banking Group has announced an emergency fund for small businesses in Carillion’s Supply Chain.

The banking giant is pledging £50m which should provide a range of support for customers.

Support includes the waiving of up-front arrangement fees on overdrafts and invoice finance facilities to existing customers.

Following the news of Carillion’s liquidation, the fund for the bank’s small business customers is part of a range of emergency measures to help those within Carillion’s supply chain.

Gareth Oakley, managing director, SME Banking, Lloyds Bank Commercial Banking said: ‘We know how critical it will be for businesses within Carillion’s supply chain to receive support with their cashflow, to help them through the temporary challenge to their business.

‘The measures launched today will ensure these small businesses have the financial support they need to get themselves back on track.’

The fund is available now for existing small business customers who can apply through the bank.