Small construction businesses have welcomed news of a £30 million government backed scheme to help them secure credit. Businesses previously restricted to a £3,000 credit limit from B&Q and Screwfix stores via their TradeUK credit scheme, can now apply for credit accounts worth £25,000, and existing trade customers can apply to extend their accounts to up to £50,000.
The pilot scheme is operating nationwide in all of the Kingfisher Group’s B&Q TradePoint and Screwfix stores as a result of work between the government and Kingfisher to adapt the existing Enterprise Finance Guarantee Scheme.
Businesses which have previously been unable to take on projects simply because they have been unable to meet the upfront costs involved can now forge ahead, providing a huge boost to small and sole trader construction businesses.
Kingfisher’s Group Chief Executive, Ian Cheshire, understands the frustrations of previously felt by businesses held back by lack of credit.
“Access to credit and control of cash flow is vital for smaller tradesmen,” he explained. The forward thinking leader, who has previously shown a strong commitment to every aspect of the CSR agenda, believes this pilot scheme sends a very positive message of support to SMEs within the sector.“We are pleased that Screwfix and B&Q will be able to make it easier for more trade customers to get credit. By piloting this new scheme we are backing Britain and backing the country’s professional tradesmen.”
Read the press release in full at GOV.UK