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British Business Bank to provide 100m pounds to firms hit by Carillion collapse

Staff Writer |
The British Business Bank will provide up to 100 million pounds ($141.53 million) of lending to small businesses and workers affected by Carillion Plc's liquidation, the department for Business, Energy and Industrial Strategy (BEIS) said.

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The package will benefit businesses, including the construction and outsourcing company's subcontractors who may not have sufficient assets as security for conventional loans.

Carillion's 200-year-old business collapsed last month when its banks pulled the plug, triggering Britain's biggest corporate failure in a decade and forcing the government to step in to guarantee public services from school meals to roadworks.

The banking sector's trade body, UK Finance, has also confirmed an additional multi-million pound package for small businesses and personal banking customers, BEIS said.

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