25th June 2020
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Specialist social impact lender GC Business Finance (GCBF) has provided Cumbria View Care Services with a £100,000 NPIF loan, backed by CBILS from NPIF – BFS & MSIF Microfinance, which is part of the Northern Powerhouse Investment Fund (NPIF).
Based in Kendal, Cumbria View Care Services provides private home care for the elderly, including palliative care, assistance with medication, domestic help and live in care to more than 100 service users. The business has been running for more than 30 years and currently employs around 60 members of staff across the Cumbria region.
The impact of Covid-19 on the business has increased its need for working capital to cover increased staff costs and the purchase of the large amounts of personal protective equipment (PPE), necessary to continue providing in-home care safely during the pandemic. The loan has allowed Cumbria View Care Services to cover these costs without affecting the service it provides.
The company is now looking to expand its business to Penrith, which will allow it to service more remote areas of Cumbria.
Sayani Sainudeen, CEO of Cumbria View Care Services, said: “Providing the usual standards of care during the pandemic was our number one priority, with demand for our services remaining at high levels. We needed to ensure we could safely operate and protect our staff and service users, so it was important that we were able to access funding quickly in order to cover for any enforced absences.
“Where banks were slow to respond, we found the process with GCBF was simple and we received great support. The whole team is thankful that we have been able to carry on ‘business as usual’ and we look forward to continuing to support the elderly in Cumbria.”
Simon Truby, Senior Loan Manager at GC Business Finance, said: “Cumbria View Care provides vital services to the most vulnerable from the pandemic, and it was key that disruption was kept to a minimum. As has been widely publicised, the care sector has been amongst the most affected by the disease, and we were glad to be able to provide the funding to ensure that the business could contain any potential outbreaks of the virus and find replacement staff.
“We are committed to helping firms across the North survive the impact of Covid-19, as well as thrive beyond this period. It is pleasing to see the company’s aspirations for the future, and we look forward to seeing the firm’s growth with its proposed plans for additional services.”
Dr Steve Curl, Cumbria LEP Director and Member of NPIF’s Strategic Oversight Board, said: “I’m very pleased to see that Cumbria Care View Services was able to quickly access funding that helped it continue to deliver essential services to some of our vulnerable residents.
“Adequate protection for care staff is an essential ongoing requirement and, in the current economic climate, any assistance that helps businesses make progress is to be hugely welcomed. It’s particularly helpful if the process by which that help can be secured is as simple and straightforward as possible.”
Sean Hutchinson, Senior Investment Manager at British Business Bank, said: “With the current economic disruptions that many businesses are facing, it is important that firms feel they are able to contact our fund managers for support and guidance through this time. It’s great to see GC Business Finance support another business with this NPIF loan backed by CBILS which is having an immediate effect on the business and its service.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.
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