JCB Finance has been accredited by the British Business Bank to provide the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), which is designed to support the continued provision of finance to smaller businesses (SMEs) in the UK during the Covid-19 outbreak.
From 17 June, JCB Finance’s new and existing customers, who need to invest in JCB equipment or non-competitive machinery made by other manufacturers, but have concerns about the impact of the pandemic on their cash flow, will be able to apply for a CBILS-backed hire purchase facility.
The fixed rate facility will have a 6 month payment pause, then 48 monthly instalments with the British Business Bank paying the interest during the first 12 months.
Paul Jennings, Managing Director of JCB Finance, said, “With over 10,000 SME customers across construction, industry and agriculture, JCB Finance is well placed to help get the funding where it’s needed and help support businesses as they experience lost or deferred revenues because of Covid-19.”
He added that this accreditation enables the company to help UK businesses to return to work, saying, “It is in everyone’s interests to support businesses in weathering this storm and help them bounce back.”
Details on the CBILS-backed hire purchase facility are available on JCB Finance’s website.