JCB Finance mark COVID-19 support milestone
Accredited lender delivers more than £50 million of loans through CBILS-backed facility
JCB Finance are this week marking a big milestone in their support of the UK construction industry during the coronavirus pandemic after delivering more than £50 million of loans.
The vital cash has been distributed to the industry through the Coronavirus Business Interruption Loan Scheme (CBILS) – designed to support the continued provision of finance to the UK’s smaller businesses (SMEs) during the COVID-19 outbreak.
CBILS is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
As an accredited lender, JCB Finance have been assisting new and existing customers impacted by COVID-19, 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 are Monks Contractors, who have used it to invest in a new JCB JS20MH wheeled material handler and 30 new BMI ejector and walking-floor trailers.
Managing director 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.
‘I have used JCB Finance for years and have a great relationship with them; they offer a good combination of personal service and easy, uncomplicated online services that help save me time.’
The Chancellor of the Exchequer has announced a further extension to the CBILS scheme to 31 March 2020, giving more time for businesses impacted by COVID to apply. Successful applicants have six months from receiving their loan offer to draw down the facility, offering welcome relief for those wishing to secure access to funds through to the autumn.