South Tyneside steel firm taps into Covid-19 business support as lockdown knocks sale
Business-live - A South Tyneside manufacturer which saw a significant drop in sales following the Covid-19 crisis has secured funding from the Coronavirus Business Interruption Loan Scheme.
Jarrow-based AAP Metal Fabrication Services has tapped into the CBILS funding through Yorkshire Bank, part of Virgin Money UK, to offset lost revenue due to the economic impact of Covid-19.
The company, which provides sheet metal and steel fabrication services, approached Yorkshire Bank for support when Nissan, one of its biggest customers suspended operations at its Sunderland plant ahead of the official lockdown in March.
Several other customers subsequently shut down when lockdown came into force, leading to a steep fall in orders for the metal fabricator and a large volume of outstanding work in progress.