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Mon April 22 2024

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Contract finance launched by CRS to help construction sector

4 Oct 12 Short term finance of up to £100,000 for businesses in the construction and contracting sectors has been announced by construction solution specialists Contract Recovery Solutions (“CRS”) through their new division “CRS Contract Finance”.

Capitalising on their working relationship with commercial and private lenders, CRS Contract Finance is now able to arrange finance facilities to help constructors and contractors take on contracts and projects that they may otherwise have to turn away due to a lack of funding.

Facilities are available on a selective basis for contracts of no more that 6 months duration where the company can show that it is financially stable with a good credit history.  Applications can be made by limited companies and applicants must be able to offer personal guarantees.

Contracts that will be eligible for funding are expected to be simple, short term and profitable and entered into with a main contractor that also has a good credit history. 

Launching the funding, CRS Director, Wayne Shore, said “We have been aware for quite some time that short term contracts are often turned away by sub-contractors because traditional bank funding is simply not generally available.  We have worked hard to secure funds to enable us to help fill this gap in the construction and contracting sectors.”

Wayne added “We hope that in a small way we will help to oil the wheels of the economy in this sector at a time when construction is struggling particularly with smaller SME companies.”

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