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Kingfisher credit scheme helps 200 builders purchase materials

Two hundred small builders have been helped so far under a credit scheme which allows them to buy materials.

The pilot scheme was launched two months ago for the trade users of the Kingfisher group of stores – Screwfix and B&Q’s Tradepoint.

Small contractors have already secured credit of £500,000 under the scheme.

Negotiations are now underway with nationally and regionally based builders merchants to extend the scheme.

Business and Enterprise Minister Michael Fallon said: “Conditions in the construction industry remain challenging, but taking an innovative view of how government support schemes are deployed can make a real difference to the sole traders and smallest firms that struggle to access credit.

“The success of the pilot scheme is encouraging so far, and rolling it out amongst other builders merchants nationally and locally will boost confidence among our smallest traders in the construction industry.”

Ian Cheshire, Group Chief Executive of Kingfisher plc, said: “The pilot is showing encouraging signs that trade customers of Screwfix and B&Q’s TradePoint are making good use of the extra credit available to them through the Enterprise Finance Guarantee scheme.”

The pilot ensures that businesses that would have previously been turned away for credit by Kingfisher because of a lack of credit history or track record can now be helped.

The risk is shared by providing government guarantees of 75% on individual trade credit facilities.

Source : Construction Enquirer

28 May 2013
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