JCB Finance has announced it has been accredited by the British Business Bank to provide the government Coronavirus Business Interruption Loan Scheme (CBILS) – designed to support the provision of finance to SMEs during the Covid-19 crisis.
From June 17, 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 coronavirus on cash flow, will be able to apply for a CBILS-backed hire purchase facility.
The fixed rate facility will have a six-month payment pause, then 48 monthly instalments with the British Business Bank paying the interest during the first year.
JCB Finance MD Paul Jennings 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. JCB Finance has built a strong reputation for supporting businesses through good times and bad over its 50 years of trading, so becoming one of the latest partners of the British Business Bank to deliver the loans is great news.
“When the outbreak began, we were swift to mobilise our resources to facilitate a pre-approved emergency payment pause so that our customers could take advantage of initial relief without delay. This accreditation means we can go further than that and help UK businesses to return to work. It is in everyone’s interests to support businesses in weathering this storm and help them bounce back.”