South Tyneside nursery group safeguards 100 jobs with £200k loan

A South Tyneside nursery group has been able to safeguard more than 100 jobs and secure its future after receiving a new loan.

Early Learning Partnership, based in South Shields, operates five nurseries across the town and was forced to close its doors in March following the government’s shutdown of schools and nurseries.

With the group experiencing a “significant” fall in revenue and facing cashflow issues, the company secured a £200k loan from Lloyds Bank.

Eamonn Gribben, managing director at Early Learning Partnership, commented: “When the lockdown was announced, we immediately turned to Lloyds Bank for support and, together, we drew up plans that would help secure our business’ future.

“This new funding has helped to ease the strain on our cashflow and ensure our wonderful team receives full pay during this difficult time.

“It’s also given us the confidence to look ahead to a time when we’ll be able to reopen safely. We’re really looking forward to the day when we can welcome the children back.”

Danielle Fraser, relationship manager at Lloyds Bank, added: “COVID-19 has forced many businesses to make extremely tough decisions at a time of unprecedented challenge.

“We’re doing everything we can to support businesses affected by the pandemic, helping them to ride out the storm so they can continue their growth journey once some degree of normality returns.”

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