New £100m SME Builder Initiative Unveiled

New £100m SME Builder Initiative Unveiled

New £100m SME Builder Initiative Unveiled

A new £100m initiative set up to support small builders has been established by the government and Lloyds Banking Group, housing minister Brandon Lewis has revealed.

The Housing Growth Partnership will invest alongside smaller builders in new developments, providing money to support their businesses, helping get workers onto sites and increasing housing supply.

The partnership will also establish a network of builders, including experienced developers, who will act as mentors and advisers to those looking to expand and grow their businesses.

The government has matched a £50m investment from Lloyds Banking Group and the partnership expects to make about 50 investments, with the aim of providing an additional 2,000 homes.

“The 2008 economic crash devastated our army of small builders, with delivery falling from 44,000 homes to just 18,000 – seven years on, companies are getting back on their feet but we’re determined to give them all the help they need,” said Lewis.

“Access to finance is one of the biggest challenges they face – so that’s why today I’m launching this £100m commitment which will help our smaller builders fund new projects, expand their businesses, create more jobs and build more homes.”

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