Assetz Capital says it has originated a loan via the Coronavirus Business Interruption Loan Scheme (CBILS) to a specialist residential childcare development that has created 80 jobs in Warwickshire.
According to the peer-to-peer lender, a £5 million development loan has been provided to Forge Care, enabling the childrens’ residential care home operators to overcome the prospect of losing its funding due to the coronavirus pandemic and fund construction of its new residential care facility. Previously, Forge Care was said to have been forced to close the site and had to stand down all construction workers, according to Assetz Capital.
Assetz Capital provides access to capital for SMEs and has funded 40 loans totaling £46m to businesses working in the care sector, along with supporting struggling SMEs with almost £100 million through the CBILS.
Owner and Director of Forge Care, Gavin Miller, commented on the loan:
“Without Assetz and the CBILS scheme this project would not be happening, it’s as simple as that. The scheme is a lifeline for SMEs like us. Without it we wouldn’t be creating this essential economic growth for the region. The facility is going to create numerous jobs in the area, and it’ll make a massive difference for young people.”
Neil Roper, Regional Director, UK Central at Assetz Capital, said the project had long been in the planning stages.
“Assetz Capital are naturally delighted to be playing a part in this journey and look forward to working with the Miller Family as we move through the construction and bring, what is such an important children’s care facility, into reality.”