With recent Government-backed accreditation by the British Business Bank of part of the STAR Group, CBILs asset finance on Own Book has become a viable and workable option for many of our customers, as businesses across the UK take advantage before the March 31st CBILs deadline.
One such business to benefit has been Newquay-based building and scaffolding business RC Construction SW Ltd. Although initially set back by the pandemic with some employees furloughed, RC Construction is now as busy as ever, working concurrently on two new build houses, as well as facing increased demand for its scaffolding services. (images opposite show some of their more recent installations).
The Ignition Credit PLC arm of STAR arranged a £25,000 CBILs Hire Purchase loan for new scaffolding equipment for them and was also able to provide a further £55,000 CBILS loan to assist with working capital.
Other Own Book successes in the Group have included Bournemouth-based First Capital Finance, who have assisted to provide CBILs asset finance for various customers including £190,000 worth of storage containers and £120,000 worth of garage equipment for the garage sector, as well as £80,000 worth of vehicle finance.
Kennet Equipment Leasing has funded just over £120,000 of catering equipment, and two motorhomes in excess of £50,000 apiece.
In all of these instances, CBILs has meant that all purchasing decisions were able to be brought forward – and with Government-guaranteed loans up to £500,000, and asset backed loans to £750,000 with 12 months interest free, these finance packages also benefit from an initial 12 month payment holiday, helping to ease business cash flow.
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