Specialist asset-based lender Ultimate Finance has announced that it has expanded its Coronavirus Business Interruption Loan Scheme (CBILS) accreditation to include Asset Finance products.
Ultimate Finance’s accreditation by the British Business Bank for the CBILS asset finance variant will enable the company to utilise its broad expertise to provide funding to SMEs to support their purchase and leasing of new and used assets, such as equipment, machinery and vehicles, as well as the refinance of existing assets to release working capital.
CBILS-backed Asset Finance facilities are available from £10,000 to £1m over 1 to 5 years, with no interest or fees payable in the first year. This sits alongside the firm’s existing accreditation to provide CBILS term loans of £50,001 to £500,000 alongside Invoice Finance facilities of up to £5m.
The company currently works with more than 2,500 businesses across the UK and expects to be operationally ready to begin taking new applications for CBILS-backed Asset Finance via its approved broker partners from next week.
Josh Levy, pictured, CEO, Ultimate Finance, says:
“In addition to our existing accreditation for Term Loans, we’re pleased to have been accredited by the British Business Bank for the Asset Finance variant of CBILS as we look to widen the range of funding tools available to SMEs.
As an industry we have been busy supporting forbearance requests from our clients but it’s vital that funding assistance is also available for new investment needs. Our Asset Finance CBILS products will enable businesses to invest in new assets and equipment to support their recovery through this period of challenging trading conditions, with no interest payments in the first 12 months.”
Andy Ribbins, Managing Director of Asset Finance, Ultimate Finance, says:
“We look forward to working with our introducers to provide their clients with quick access to the funds they need through our CBILS-backed Asset Finance products. We’ve worked hard to ensure there is clarity in the lending criteria with a swift application process using our broker portal. We have already seen significant interest for CBILS and now expanding the offer will mean even more choice.”
It comes as the Treasury announced that lenders across the UK have approved over £31.3 billion in funds to over 745,000 businesses through government-backed schemes, since the start of the coronavirus pandemic.