Central RPL, a manufacturer of PVCu products based on the Kelvin Way Trading Estate in West Bromwich, has secured a six-figure loan through the Coronavirus Business Interruption Loan Scheme (CBILS).
The money, borrowed through HSBC UK, will give the company financial security while it begins to reopen its factory post-lockdown. The CBILS scheme is designed to help small and medium-sized businesses access finance of up to £5m for up to six years, with the government covering the interest and fees for the first 12 months, and guaranteeing 80 per cent of the finance to the lender.
Central RPL was founded in 1982 as Reliant Products Ltd. It makes PVCu windows, doors and conservatories, delivering to commercial and domestic customers nationwide from its West Bromwich facility. It closed its manufacturing facility in March, but now hopes to re-open. The loan will enable the company to cover overheads and maintain supplier payments while it gets back on its feet.
Chief executive Gary Morton said: “For the moment we’ve halted further planned capital investments, but we know we’re in the best possible position to resume business as usual and to plan for the future.”
Think Sandwell wishes Central RPL all the best as they prepare to resume manufacturing. To find out more about CBILS, visit the government website. To find out about other sources of help in the wake of COVID-19, visit our coronavirus support pages.