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Builders seek emergency funds to end cash crunch

538prom精品视频在线播放 Industry bosses are pushing for a specific deal for builders as part of efforts to support cash-starved businesses in the sector.

Small housebuilders are struggling to access government-backed loans from banks
Small housebuilders are struggling to access government-backed loans from banks

Housing groups in England are lobbying for a Scotland-style funding package for hundreds of small housebuilders who are struggling to access government-backed loans from banks.

Industry bosses are pushing for a specific deal for builders as part of efforts to support cash-starved businesses in the sector through the pandemic.

Discussions with government officials are in the early stages. Other emergency measures for the sector are also being explored.

538prom精品视频在线播放Scotland announced a £100m emergency loan fund for small and medium-sized housebuilders last week.  The scheme will allow companies to apply for short-term loans of up to £1m from the Scottish government to help them manage the crisis.

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

538prom精品视频在线播放The funding is available for smaller housebuilders operating in Scotland with annual revenues of £45m or less and building at least five homes each year. Businesses will be able to apply for the loans from this week.

Scotland recently announced a £100m emergency loan fund for small and medium-sized housebuilders

Industry groups said that a similar deal for England was urgently needed. Company bosses are still finding it difficult to obtain emergency finance through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

Emergency funding would ease the pressure on small businesses, many of whom are desperate for relief following weeks of lockdown. CBILS offers loans of up to £5m for businesses with revenues of less than £45m.

However, the loans have come in for criticism from companies in multiple industries for failing to get money to where it is needed. The fallout comes as smaller firms fail to qualify for crucial funds under the current lending criteria.

Banks have also come under fire for delays in handing out financing. Smaller housebuilders’ funding structures are making it more difficult to apply for loans, with a growing number arguing that access to schemes needs to be simplified. 

538prom精品视频在线播放Experts said that lenders had so far been reluctant to provide debt for smaller firms, who are more likely to be funded on a site-by-site basis.

538prom精品视频在线播放“Housebuilders are much better financed than they were going into the 2008 recession,” one executive said.  “They are in a far better position than 12 years ago. But smaller housebuilders don’t have the same reserves available to larger peers.”

While small housebuilders have been able to make use of the job-saving furlough scheme to avoid making workers redundant, industry figures argue that the measures do not go far enough.

In response to criticism over CBILS, the Chancellor has since announced the new taxpayer-backed Bounce Back Loan scheme, in a bid to make it easier and quicker for smaller businesses to access funding.  The package offers a 12-month interest-free period and a 100pc government guarantee for loans of up to £50,000.

A Ministry of Housing, Communities and Local Government’s spokesperson said: “Building the homes the country needs is a priority for the Government and we have re-started the housing market to help families and business return to normality in a safe way. “The Government continues to work closely with all parts of the housing industry about the challenges they face during the pandemic.” 

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