North East Lincolnshire Business Secures Funding From Barclays CBIL Scheme
Grimsby based business G-Tech Electrical Contractors today announced it has received support from Barclays through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) in order to maintain the ability to trade through the COVID-19 crisis.
Established in 2002, G-Tech provide the design, installation and commissioning of industrial, commercial and domestic electrical installations throughout the UK, including schools, local authorities and shopping centres.
G-Tech have successfully secured £250,000 of funding which will support cashflow during the lockdown period, ensuring the business can meet its obligations and support the return to ‘business as usual’ following the downturn.
Guy Wakefield, Director of G-Tech Electrical Contractors, said: “This should have been our best year yet in terms of profitability and turnover – and I’m hopeful that this still could be the case. However, Covid-19 has impacted us by both shutting down our sites and pushing back our pipeline of work. Our Barclays Relationship Manager has been great and I can’t speak highly enough of his support throughout this whole time. The positivity and speed of his approach was second to none. The biggest thing for us was the accessing the Coronavirus Business Interruption Loan to support our cashflow, which has ensured we’re able to pay overheads and any operating costs.”
Danny Scarr, Barclays Business Relationship Manager, put together the funding package for the deal and said: “I was delighted to be able to support Guy, Simon and the team with the funding. This will enable them to trade through this crisis and continue with their plans for the business moving forward.”