Emergency Loans for Scotland’s Housebuilders Affected by COVID-19

Emergency Loans for Scotland’s Housebuilders Affected by COVID-19

Scotland’s housebuilders will soon be able to apply for short-term loans from the Scottish Government to support them through the coronavirus (COVID-19) outbreak.

The new loan scheme aims to:

Safeguard jobs and protect suppliers.

Support post-COVID-19 economic recovery and the continued supply of homes.

Retain diversity of the housebuilding sector.

The £100 million fund will offer short-term loans to applicants to cover three months of liquidity support to their business. Loans are capped at £1 million. Most loans are expected to be repaid within two years with interest rates set at 2%. The minimum loan amount is £50,000.

Small and medium-sized enterprises (SMEs) in Scotland, with liquidity issues due to the temporary closure of the housebuilding sector, will be eligible.

Homes for Scotland Chief Executive Nicola Barclay said:

‘This welcome short-term intervention will offer a lifeline for many smaller home builders who play a major role in their local areas in terms of meeting more rural housing need, investment, employment and sustainability.’

The Fund will be open to applications on 18 May 2020 (from 14:00 BST).

More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.