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£30 million backing to help small construction businesses secure credit for supplies

Posted by Altius on Apr 8, 2013 12:25:51 PM

The government has launched a £30 million pilot scheme to help small and sole trader construction businesses secure credit from B&Q and Screwfix stores, via their TradeUK credit scheme.

New customers of B&Q TradePoint and Screwfix, part of Kingfisher, can apply for a credit account of up to £25,000, while existing customers can apply for up to £50,000 of credit.

Business Minister Michael Fallon said: "Builders and tradesmen are experiencing a real bottleneck when it comes to accessing credit, and projects are being held up unnecessarily. This pilot is an innovative attempt to make a real difference for the sector."

Kingfisher will be able to give credit to customers it might previously had to refuse since it is now sharing the risk through providing government guarantees of 75 per cent on its lending. As well as allowing Kingfisher to lend to viable businesses outside its present risk profile, the scheme also allows it to lend more to existing businesses.

There will be no difference to the existing Kingfisher trade credit application process.

Topics: News

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