YES supported by Barclays for business interruption loan during coronavirus outbreak
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
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
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.