At Boss Asset Finance, we know that it is vital to keep abreast of all the latest developments and offerings in the finance world, never more so than now when the economy is in turmoil due to the Covid-19 lockdown and many businesses are fearful of the future and unsure of what help is available to them to move forward.
We’ve made it our priority to remain in constant dialogue with our funding panel, ensuring we are always aware of how funders are feeling and what products they have available. This close relationship means we were one of the first brokers to pick up on the new government CBILS Asset Finance scheme and bring the very positive news straight back to our clients.
CBILS Asset Finance and Unsecured Loan schemes are designed to allay the fears of both borrowers and finders alike and thereby give a shot in the arm to the UK economy.
With funders understandably nervous about extending new lines of credit in these uncertain and unprecedented times, when firms are showing little or no cashflow and experiencing unavoidable downturns in their business, the Government has stepped in to guarantee CBILS Asset Finance and Unsecured Loans to 80% of their value. With this support and confidence, lenders are now happy to open their purses again, sometimes to a higher value than they would have considered previously.
From a borrower’s perspective, there has been an equally understandable reluctance over the past months to take on new financial commitments. Companies have been conflicted between the need to renew or increase their assets to satisfy customer demand and the need to carefully manage cashflow during a crisis. The CBILS Asset Finance scheme allays borrowers’ fears in a number of ways:
This new CBILS funding can be used for New Finance Agreements (in certain circumstances covering 100% of the cost and the VAT), for re-financing unencumbered assets or for re-structuring ongoing Finance Agreements.
Here at Boss Asset Finance, we will take you through every step of the process, advising you which of the options are best for your business needs, ensuring all your applications are correct and dealt with in the most efficient, simple and effective way. Get in contact to find out how CBILS schemes could help your business – chat online, give us a call on 03300 948588, email firstname.lastname@example.org or click here to send us a message.