As advised in the Trust Matters of 21st May 2018, Business Funding has been suspended to date, due to potential significant tax implications for Members receiving Business Funding loans, which would be applicable following the liquidation of Carillion Energy Services Limited. 

Whilst alternative ways of providing support have been explored, it has not been possible to identify an appropriate replacement and the decision has been taken to bring Business Funding to an end. 

Business Funding has been available since July 2012 and in that time, 266 loans with a total value of £1.8m, have been made to Members to help them start or grow a business. 

Existing loans will continue in accordance with individual Loan Agreements and as advised previously, the Trust will cover any employer taxation charged on loans approved up to 31st May 2018. 

Members with loans in default or arrears will continue to be monitored and repayment pursued.

This may be disappointing news for some Members planning a new business in the future, however Business Support remains an active Benefit and can provide business start-up guidance and practical assistance.

If you have any questions regarding this, please do get in touch with the Trust Team.