MEMBER NEWS
Santander offers backing to Leicestershire manufacturer
The Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme share the same key objective of helping the country’s economic backbone of small and medium- sized businesses weather the coronavirus outbreak and its profound impact on business. Santander UK is one of 40
accredited lenders working to deliver loans across these schemes. Santander lends more than
£20bn to British businesses annually and its relationship teams continue to support customers through this period of extreme uncertainty.
Its relationship director for the
East Midlands, Paul Elliott, has been working with a wide number of firms from across the region during these testing times. One of the businesses he has
been supporting is fellow Chamber member HK Wentworth, a manufacturer of specialist chemicals with international headquarters in Leicestershire. The company, founded in 1941, has consistently achieved strong year- on-year growth in overseas sales with a turnover of more than £30m. It now operates in more than 55 countries and employs around two hundred staff members globally.
While HK Wentworth is a
successful business, it, like many other companies was not shielded from the impacts brought by the coronavirus on its ability to continue to trade. During the current pandemic, some of their customers experienced a decline in trading, especially throughout Europe, as many were forced to close and unable to progress existing projects. Paul worked closely with HK Wentworth to understand its immediate and long-term financial needs and establish how much CBILS funding would be required to keep the cashflow in good health and futureproof its business.
The funding has alleviated the immediate concerns of the business and it now has a clear line of activity in sight to continue serving their customers. Paul said: “Every business is
different and we are focused on understanding the specific impacts to our customers, offering them appropriate support and ensuring we remain responsible lenders. “Combating the fallout from
coronavirus is our overriding priority, and we are working at pace to ensure we can deliver new loans and overdrafts to help UK businesses when they need us most.”
business network June/July 2020
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