United Trust Bank launches Covid-19 loan products for SMEs

CBILS facilities are available for the refinance of existing assets and the acquisition of new and pre-owned assets via hire purchase and finance lease facilities.

The CBILS scheme provides United Trust Bank, via the British Business Bank, with a government-backed guarantee enabling UTB to offer CBILS refinance, hire purchase and finance lease facilities from 50,001 to £250,000 to new and existing customers, subject to eligibility.

With a CBILS loan, the borrower may obtain the benefit of a Business Interruption Payment covering the first 12 month’s interest on the CBILS facility and the costs incurred in setting up the loan such as documentation and administration fees.

Martin Nixon, head of Asset Finance at United Trust Bank, commented: “Many SMEs are trying to manage the consequences of the Covid-19 pandemic and the full impact on those businesses may not be known for some time. Lost and deferred revenue is making it difficult for businesses to access funds for investment and growth and many are struggling to maintain short term cash-flow.

“These new UTB CBILS facilities can help businesses to acquire a range of assets from coaches to construction plant and to refinance their existing vehicles and machinery to release capital back into their bank accounts and improve their liquidity.

“United Trust Bank is an experienced through the cycle lender and we understand the pressures and challenges facing SMEs affected by the Covid-19 pandemic. By working with the BBB we have developed a suite of CBILS asset backed facilities to help them through these difficult times. SMEs are the backbone of the UK economy and United Trust Bank will continue to support them through this crisis.”