The Lunn’s loan is 1 of 49 that Danske Bank in Northern Ireland has granted through the scheme since it launched last week – at a combined value of around £13 million.
The Coronavirus Business Interruption Loan Scheme provides financial support to businesses across the UK that were trading successfully before the coronavirus outbreak, but which are now seeing their cash flow disrupted. The scheme is a part of a wider package of government support for UK businesses and employees, and is subject to eligibility criteria as laid down by government.
Lunn’s, a family run business which has been in operation for more than 60 years, is Northern Ireland’s leading independent jeweller, and are exclusive retailers for the finest watches and jewellery in the world through its stores at Queen’s Arcade and Victoria Square in Belfast and Shipquay Street in Derry.
The company has agreed a substantial loan with Danske Bank to bridge the period while its shops are closed and customers are restricted in terms of leaving their homes.
John Lunn, Managing Director of Lunn’s Jewellers, said:
“Lunn’s has a proud history of delivering consistent cash flow, but we realised very quickly that we were facing a prolonged period of closure because of coronavirus. It is a situation that I know many other successful businesses now find themselves in.
“I commend Danske Bank for their ability to deliver this loan to us so smoothly and efficiently in a short timeframe. It will make a significant difference as we look to the future.”
Shaun McAnee, Managing Director of Corporate & Business Banking at Danske Bank, said:
“The CBILS scheme is a great initiative for supporting businesses. We’re committed to supporting our customers and the Northern Ireland economy by implementing the scheme swiftly. Our relationship managers and small business advisers are working hard to help the many businesses approaching us about applying for facilities through this scheme.
“We particularly welcome today’s announcement by the Chancellor to extend the eligibility of the scheme to more businesses. Many more customers will now be able to avail of this important financial support. “We’re pleased to be able to support Lunn’s through the CBILS scheme and to ensure that one of Northern Ireland’s best-known family businesses is ready to return to normal trading when this unprecedented coronavirus crisis ends.”
Danske Bank business customers can find out more about the bank’s support for the CBILs scheme and if they might be eligible at our CBILs webpage.
