JCB Finance is marking a big milestone in its 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 UK smaller businesses (SMEs) during the COVID-19 outbreak.
As an accredited lender, JCB Finance has 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 is Monks Contractors, which has used it to invest in a new JCB JS20MH wheeled material handler and 30 new BMI ejector and walking floor trailers. Monks Contractors 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 31st March 2020, giving more time for businesses impacted by COVID to apply. Successful applicants have 6 months from receiving the loan offer to draw down the facility, so this news is a welcome relief to those wishing to secure access to funds through to the autumn.