Lending for the purchase of JCB machines has passed the £1 billion mark.
JCB Finance has announced that, for the first time in its history, the amount currently being lent to fund the purchase of machines has broken through the £1 billion barrier.
Paul Jennings, JCB Finance MD, said: “To reach £1 billion in balances is an amazing achievement which would not have been accomplished without a huge team effort. We are here to help JCB customers buy their equipment and this milestone is a measure of the hard work put in by everyone involved. It’s also a very good indicator that confidence levels in our sector remain resilient and as a measure of our success, it puts JCB Finance amongst the elite in our industry.”
JCB Finance was set up in February 1970 under the name JCB Credit and has expanded significantly from humble beginnings, with JCB Chairman Lord Bamford as one of its original Directors.
Today JCB Finance provides hire purchase and leasing options for UK business customers and supports the JCB UK dealer network and has facilitated the purchase of more than 250,000 JCB machines over the past 49 years. Including money loaned to acquire other plant and vehicles, JCB Finance has lent more than £13 billion to UK businesses to help them grow and invest.
JCB Chairman Lord Bamford said: “When JCB Finance was founded in 1970 JCB manufactured just over 4,000 machines and even then there was a very real need from our customers for help with finance. The growth of JCB Finance has mirrored the growth of JCB and our success is very much intertwined; JCB’s development and market leadership in the UK over many decades simply would not have been possible without JCB Finance. The team should be very proud of this achievement.”