Funding scheme aids builders

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Contract Recovery Solutions, the Sheffield-based construction industry contract finance and debt recovery specialist, has launched a new short term finance service.

The Omega Court company has capitalised on its relationships with commercial and private lenders to launch a new division, called CRS Contract Finance, which will provide sums of up to £100,000 to help constructors and contractors take on contracts and projects that they may otherwise have to turn away due to a lack of funding.

CRS finance director, former banker 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. 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.”

CRS Contract Finance is offering funding for up to six months to companies that can show they are financially stable, have a good credit history, are willing to offer personal guarantees and are working with main contractors that also have a good credit history.