YES supported by Barclays for business interruption loan during coronavirus outbreak Apr 21, 2020

YES Energy Solutions has welcomed the support Barclays has provided in preparing, applying and then receiving the Coronavirus Business Interruption Loan scheme (CBIL), to support the strong community focussed business weather the crisis caused by the COVID-19 pandemic.

The support has come after an unprecedented package of measures was made available by the Government to ensure UK businesses survive the lockdown caused by the coronavirus pandemic.

The government loan will provide support for YES Energy Solutions while its usual activity in the homes of vulnerable people is deferred due to the lockdown.

By supporting those living in cold, damp homes by providing insulation and energy efficient heating systems, the company is often a lifeline for people with cardiovascular or respiratory problems. The very people Coronavirus makes more vulnerable.

The loan was granted due to the strength and stability of the business. Barclays have bridged this uncertain time for the company, allowing the firm to be able to quickly bounce back after the crisis to help their vulnerable customers have dry and cosy homes, with smaller energy bills and using less carbon.

Jag Singh, Barclays Relationship Director arranged the funding and said: “I was delighted we were able to support Duncan and his team with the CBIL scheme which we were able to sanction and draw down within three days. The facility means the business can continue to operate without pressure on their cashflow and also continue with their fantastic work supporting communities across Yorkshire.”

Ensuring future activity from the company means Britain’s housing stock will continue to be improved, helping the country meet carbon emission reduction targets.

The multi award winning company was named Utility Partner of the Year in 2019 and will be able to maintain their key role in the utilities sector, with the help from Barclays and the CBIL scheme, to deliver work with energy companies, local Councils and community based third parties.

YES Energy Solutions will also be able to carry on supporting highly skilled jobs in the local community, as well as throughout the company’s supply chain, seeing contributions flow back into the Treasury through PAYE and National Insurance.

Duncan McCombie, CEO of YES Energy Solutions, said: “We have shown Barclays we are a strong, stable and sustainable business. With their support, we will be able to continue to help vulnerable residents live more comfortably in cosy homes.

“After this health and economic crisis the most vulnerable in society will be at even greater risk of fuel poverty. Our work prioritises help for these people, providing funding for vital home improvements to help keep them healthy in their homes and reduce their fuel bills.

“At a time of uncertainty, I am pleased to reassure our employees, contractors, Clients and crucially customers, that we will be continuing our work to alleviate fuel poverty and reduce carbon emissions as soon as possible.”

The company have schemes and contractors covering multiple areas of the country, which includes the Chancellor of the Exchequer’s constituency in Richmondshire. YES Energy Solutions is delivering fuel poverty support for residents in the district by insulating homes and installing efficiency heating and water systems, helping reduce fuel bills to put more money in householder’s pockets.

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