A NORTH-EAST based engineering business has received a £1.2 million loan to navigate the Covid-19 lockdown and recovery.
JBS Fabrication Ltd, a wholly owned subsidiary of JBS Group (Scotland) Ltd received the Coronavirus Business Interruption Loan (CBIL) from Barclays.
The loan provides working capital and will fund fixed costs to support JBS, based in Peterhead, through the Covid-19 lockdown until normalised trading resumes further financial certainty for the months ahead.
JBS has 48 employees including two based in the USA, trades in over 80 countries across multiple sectors, and saw strong growth prior to the Covid-19 lockdown.
Mike McCafferty, JBS Group (Scotland) managing director, said: “We needed to move quickly to provide security for our company and certainty for our team, and thankfully Barclays offered guidance through every step of the CBIL application process. This vital funding will now support the business until trading normalises again.”
