The finance was arranged through Barclays Bank, one of 40 accredited lenders for the scheme, in order for FCL to meet working capital requirements. The Coronavirus Business Interruption Loan Scheme has been set up to support small and medium-sized businesses, with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5m for up to six years.
FCL Health Solutions, which was founded in 2009 by Kulbir Sohi, manufactures and distributes pharmaceuticals, veterinary medicines, surgical instruments, medical devices and healthcare products. It delivers worldwide and supplies doctors, dentists, pharmacies, hospitals, spas and retailers such as Holland & Barrett and Specsavers.
With the current enforced closure of non-essential businesses, FCL has seen a 60 per cent drop in demand and a great deal of its stock sitting unsold on shelves. The loan will ensure the business can continue to import into the UK, which has already resulted in the donation of a shipment of protective masks to the NHS.
Think Sandwell wishes FCL all the best at this difficult time. If your business has been affected by the lockdown, visit our coronavirus pages to see what help is available.