The Welsh Government’s move to tackle access to finance for small builders is timely, says FMB Cymru.
The Welsh Government has announced that £30m will be pumped into the Wales Property Development Fund to improve access to finance for small Welsh construction firms.
The loan fund, which is run by Finance Wales, supports small and medium sized construction companies, who are unable to access affordable finance from traditional sources,to get projects off the ground to build new homes.
Cenydd Rowlands, Property Fund Manager at Finance Wales said: “The additional £30m is a real boost to the fund and with an expanded team in place we’re excited to support even more small to medium-sized developers. The mixed-use and residential projects we can fund have direct impact on their local communities through direct and indirect employment opportunities as well as providing much needed quality housing.”
Welcoming the news, Ifan Glyn, Director of FMB Cymru, said: ” The Welsh Government’s announcement today of £30 million is welcome and will assist SME builders that want to build new homes but are struggling to access affordable finance. It’s good news that the Welsh Government is doing more to assist SMEs in entering, or re-entering, the house building market. This was a key plank of the Welsh Government’s Economic Strategy and it’s right that enabling smaller firms to build more homes has edged up the priority list. Indeed, FMB Cymru recently signed a pact with Welsh Government to address ways in which Government and industry can work closer together to deliver the additional homes that we desperately need.”