Financial help for liquidity support for SME housebuilders

Scotland: Financial help for liquidity support for SME housebuilders

An emergency loan fund has been announced which will help housebuilders with liquidity.

Who can apply?

SME housebuilders who can demonstrate that:

• They are an existing business in Scotland which has been directly affected by COVID-19
• Their turnover is less than £45 million and they are building five or more homes per annum
• Their business was financially viable before COVID-19
• Funding cannot be secured from existing lenders or their own resources to meet liquidity needs
• The business has been unable to secure sufficient funding from UK Government or other Scottish Government COVID-19 schemes

How much funding is available?

The fund will offer short-term loan funding to applicants to cover 3 months of liquidity support to their business. Key features include:

• Loans available between £50,000 to £1 million
• Fixed interest rates of 2% per annum
• Flexible repayment terms, with the option for capital and Interest payments to be offset for 12 months.  The majority of loans are expected to be repaid within 24 months
• Security on loans will be assessed on a case by case basis
• Applicants will be asked to confirm why existing support routes are not appropriate or sufficient.

How do I apply?

• The Fund will be open to applications from 14:00 on 18 May 2020.
• Applicants will be asked to complete a form and provide financial information to support their application.
• ad+ can help you to prepare the information needed to support your application.

 

What is your next step?

If you wish to discuss further, simply get in touch.

ad+ is here to serve and support our clients during this challenging time.