Bank worker Claire Cain. Photograph: Martin Godwin/The Guardian
Claire Cain was struggling to meet her rent last summer. The 46-year-old bank cashier worked for Santander UK for 11 years before a benign brain tumour, chronic pain and migraines forced her to take leave. Two of her four children moved back home to Dover during the pandemic, adding extra pressure to her finances, just as her 12 months of long-term sick pay ran out.
The single parent said she had no choice but to borrow money from her 24-year-old autistic son before Santander referred her to the Bank Workers Charity
(BWC)
in June.
A HERITAGE railway has received a £2.25m grant to secure its future. North Yorkshire Moors Railway (NYMR) has secured the new funding through Santander UK and the Coronavirus Business Interruption Loan Scheme (CBILS). NYMR closed during both lockdowns, reopening when it was able to do so in line with government guidance and social distancing measures. The CBILS has enabled the trust to keep operating and helped it to make changes so that it can continue welcoming visitors and diversify its services for years to come. “It’s an understatement to say that this year has been challenging for us,” said Garry Mumford, finance director at NYMR.
22 December 2020 | 09:20am
StockMarketWire.com - Heavy construction materials group SigmaRoc said it had entered into a new credit facility of up to £125 million led by Santander UK and including several other UK and European banks.
The senior credit facility comprised an £85 million committed term facility and a £40 million accordion option.
SigmaRoc said it would provide will provide further capacity and flexibility to support its ongoing buy-and-build strategy, as well as reducing like-for-like borrowing costs.
The loan had a five-year term and was non-amortising during the first three years, with an interest of 2.5% over Libor at two times net debt to underlying earnings.
Tens of billions of pounds of taxpayers money dished out as loans to keep struggling firms afloat during the pandemic are being hoarded in bank accounts instead, MPs have been told.
Some £21billion - half of the total £42billion doled out by Rishi Sunak under various schemes - has yet to be used by the businesses that claimed it, representatives of UK banks said.
The money was designed to help firms with rent and other expenses during the lockdowns and the general economic disaster that has been 2020.
They are underwritten by the Treasury, meaning the taxpayer foots the bill if they are not paid back by the recipient.