THE NATIONAL FEDERATION of Builders has called for UK Government to support SME construction firms in the UK alongside other industries as they look to ride out the coronavirus pandemic.
According to the NFB, many medium sized businesses are too large for the small business, Coronavirus Business Interruption Loan Scheme (CBILS) but too small for the investment grade loans, though the Corporate Financing Facility (CCFF).
Richard Beresford, chief executive of the NFB, said, “Whilst some of the Chancellors measures will provide support for businesses, things have moved on and the construction industry – in particular SMEs – need additional support to see us through this dreadful period.
“Our economy relies on construction and as we saw with the financial crash of 2008, if our industry stops trading, most will not come back and productivity will grind to an economically disastrous halt.”
The NFB has written to government officials including the Chancellor, Business Secretary and Housing Secretary, proposing a number of measures to help mitigate disaster.
Beresford concluded, “Revenues will soon begin to dry up and within the month, businesses will have to close. We cannot let that happen and we must ensure that there are health measures to ensure construction work can carry on, businesses get an injection of cash and there are no unnecessary penalties. Our letter to the Chancellor details recommendations to achieve this and we hope he will act on them, as soon as possible.”