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Saturday, July 11, 2020

Builders seek emergency funds to end the cash crisis

Housing groups in England are lobbying for a Scottish-style financing package for hundreds of small home builders who are struggling to access government-guaranteed loans from banks.

Industry leaders are pushing for a specific deal for builders as part of efforts to support money-hungry businesses in the industry through the pandemic.

Discussions with government officials are in the early stages. Other emergency measures for the sector are under consideration.

Scotland announced a £ 100m emergency loan fund for small and medium sized home builders last week. The scheme will allow companies to apply for short-term loans of up to £ 1 million from the Scottish government to help them manage the crisis.

Presented by Kevin Stewart, the Scottish housing minister, the intervention is expected to provide a vital line for businesses and their suppliers, as well as safeguarding thousands of jobs.

Funding is available to small home builders operating in Scotland with an annual turnover of £ 45 million or less and building at least five homes each year. Businesses will be able to apply for loans starting this week.

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