The shortage of funding made available from banks to the smaller construction businesses in the UK has resulted in huge problems for the industry in a wider sense, according to a report carried out by the accountants and business advisers Wilkins Kennedy. The money from the Enterprise Finance Guarantee scheme put in place by the government has reportedly decreased to an alarmingly low extent with regard to how much the small companies receive.
The report made the assertion that ?25 million was distributed in the three months leading up to June back in 2009 but the same time period for this year saw only ?3.5 million given ? a huge drop of 86 per cent. These problems for the smaller businesses in the construction industry have extended to the sector as a whole, and this has in turn created greater struggles for the economy in the UK. Employment in the construction business has as a result been significantly jeopardised and Wilkins Kennedy have claimed that their report proves the Enterprise Finance Guarantee is practically without use for funding small construction companies. It was also found that upwards of 3500 businesses in the industry went bust in 2011.
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Source: http://www.southerntimberframe.com/news/?p=2110
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