JCB Finance has marked a major milestone after delivering more than £50 million of loans in support of the UK construction industry during the Covid-19 crisis.
The cash has been distributed through the Coronavirus Business Interruption Loan Scheme (CBILS). As an accredited lender, JCB Finance has been assisting customers impacted by the pandemic, who need to invest in JCB equipment or other qualifying plant and vehicles.
Through JCB Finance, customers have been able to access the scheme, used to back a fixed rate hire purchase facility with a six month payment pause, then 48 monthly instalments. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.
Among those who have successfully used the CBILS-backed facility is Monks Contractors, which has used it to invest in a JCB JS20MH wheeled material handler and 30 new BMI ejector and walking floor trailers. MD Chris Monk said, “The pandemic and lockdown made everyone feel uneasy. Some form of disruption was inevitable, but we must look forward. It is essential we continue to invest and maintain our fleet to deliver the best possible service to our customers and the CBILS-backed hire purchase with JCB Finance has helped us to do this.”
Chancellor Rishi Sunak has announced a further extension to the CBILS scheme to 31st March 2020, giving more time for businesses impacted by Covid to apply. Successful applicants have six months from receiving the loan offer to draw down the facility.