Ultimate Finance adds asset finance to Covid-19 business loan scheme

Ultimate Finance’s accreditation by the British Business Bank for the CBILS asset finance variant will enable the company 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, CEO of Ultimate Finance, said: “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 at Ultimate Finance, added: “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.”