The trade body the Federation of Master Builders (FMB), has launched a new banking service, helping finance new plant for small builders.
Building writes:
The Federation of Master Builders has launched a banking service for members who need funding to secure vehicles or plant. The first customers are currently going through the process of getting a loan, which is provided through the FMB by BIRA Bank – a members-only lender run by the British Independent Retailers Association. The typical size of loans is expected to be between £5,000 and £20,000, with firms charged a 2.6% flat rate of interest for finance for new vehicles or equipment and 2.9% for finance for used plant….
The FMB already has its own insurance company, which made a pre-tax profit of £3,000 from a revenue of £814,375 in 2017, the last year for which it has filed company accounts at Companies House.
FMB writes:
As the UK’s largest trade association in the construction industry, we provide members with a broad range of services to help them promote, protect and grow their business.
To further support our members, we have launched the FMB Bank — a trade association bank that is sensitive to the needs of Master Builders across the UK.
We will differ from your average high street bank or building society, providing a personal, friendly, and helpful service with support for our members being at the heart of everything we do.
As with all our services, we plan to develop our bank with members’ needs in mind. An effortless sign-up procedure along with flexible and transparent saving and lending products is our priority, making finance easy for FMB members.
The FMB Bank is able to offer members access to exclusive vehicle loan and equipment loan rates that stand out in a competitive market.
