£1bn to support small and medium sized builders

Housing Secretary Robert Jenrick has given the green light to £1 billion in finance to support small and medium sized builders.

The £1 billion guarantee scheme set-up by the government ensures enough credit is available to allow smaller housebuilders to enter the market. Speaking to Parliament, Jenrick confirmed that the British Business Bank’s ENABLE Build Programme will shortly begin guaranteeing millions in new loans for local, independent construction businesses to deliver new homes.

It means that local builders will be able secure loans from participating banks to help the government deliver its commitment of at least a million new homes in the next five years.

Jenrick said: “Small housebuilders are vital to building the homes this country needs but too often struggle to access affordable finance. Today I am giving the green light to a scheme that will help to fix this. Supporting £1 billion of new loans so that local builders can kickstart building, level up the country and turbocharge the housing sector.”