The announcement was made during yesterday’s Spring Statement (13th March) and the initiative will be a new variant of the bank’s existing ENABLE Guarantee programme.
Keith Morgan, chief executive officer at British Business Bank, said: “The ENABLE Build programme is a great example of how the bank can help boost access to finance in a targeted way to support wider public policy goals.”
Homes England will work alongside the British Business Bank to deliver the new project, which is funded by the Ministry of Housing, Communities and Local Government.
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Nick Walkley, chief executive at Homes England, added: “A lack of development finance is one of the major barriers preventing smaller builders from delivering a greater number of homes.
“Through this programme — and alongside Homes England’s other interventions — we will help clear the path for SMEs to play a more central role in making homes happen across the country.”
This news comes after the chancellor confirmed that a £717m fund will be used to unlock up to 37,000 homes across the UK.