Small Building Firms Supported By £100 Million Fund
There has been some good news announced recently that may interest small property developers looking for development finance. Apparently, the Housing Growth Partnership involving the Government and Lloyds Banking Group is to make available £100 million to help this building sector with each committing £50 million.
The monies will be utilized for a variety of purposes. For instance, funds will help small building firms to take on new building projects and assist in the recruitment and training of new employees. Another interesting benefit for the small builder is that they will have access to a panel of experienced property developers/ builders who will be available to provide advice to help them build their businesses.
As a result of this partnership, it is forecast that as many as 2,000 more homes will be constructed. The economic downturn back in 2008 saw house building figures drop from 44,000 to 18,000. Over the last 25 years, the number of small building companies dropped from in excess of 12,000 to less than 3,000.
The number of new homes now being built is at its highest in 7 years so it is to be hoped that this initiative will see the building industry continue to prosper and help build some more of the new properties that this country is in need of. In our opinion, anything that can be done to help small building firms has got to be a positive move and let us hope that it leads to more people entering the property development sector leading to the creation of more jobs that the UK is in need of creating.
If you are looking for development finance then why not get in touch with us and we will do all that we can to help you source and arrange the most suitable package to meet your requirements. We have an extensive panel of lenders to choose from.