Coronavirus: Newtownabbey firm secures £1.5m loan from Ulster Bank scheme

The company, which has branches across Northern Ireland, says that the funding will provide it with essential cashflow and help secure jobs while many of its construction sector clients are not operating. Stevenson & Reid has branches in Newtownabbey, Belfast, Newry, Bangor, Ballymena, Ballymoney, Omagh, Cookstown and Londonderry and employs 60 people. Commenting, Billy Stevenson, the company’s owner, said: “We have been in business for over 40 years and this is the most challenging period we have experienced. The team at Ulster Bank have worked with us for decades, supporting our growth over the years, and they have been fantastic in helping us at the present time as well. “Our relationship manager, Lee White, was on the phone the very day of the lockdown to enquire what assistance he could provide. Ulster Bank worked very quickly to enable us to avail of the loan which will provide the cashflow to take us through this crisis and safeguard our business for the future as we look towards the next 40 years.” Girvan Gault, Director, Commercial Banking, Ulster Bank, added: “We are pleased to be able to support the company at this time. It is one of a wide range of local businesses that we are helping through the CBILS and Bounce Back Loan Schemes. To date we have approved over 95 percent of requests from business customers for support during the pandemic.” Lee White, Senior Relationship Manager, Ulster Bank, said: “The building trade is one of a number of sectors that has been impacted significantly by coronavirus and this in turn has significantly affected its supply chain. Until the sector gets back to some degree of normal operation, Stevenson & Reid asked for cashflow support and we have put together a package to help.” Ulster Bank’s support for firms during the coronavirus pandemic has included capital repayment holidays, overdraft extensions, additional lending designed to support businesses to adapt to a rapidly changing external environment, fee free loans, and support through government schemes such as the CBILS and Bounce Back Loans scheme. More information about the comprehensive range of support measures Ulster Bank is providing to business customers is available on the Ulster Bank Business Hub. -- A message from the Editor: Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you. In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so. Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis. With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely. You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up. Thank you.