Shire Leasing PLC has been approved for accreditation by the British Business Bank under the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) under the Asset Finance and Term Loans variants.
The Coronavirus Business Interruption Loan Scheme, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Shire Leasing has been accredited to support with Asset Finance (including Sale and Leaseback/Sale and HP Back) for advances between £25,000 to £200,000 and Term Loans from £50,001 to £100,000.
Once Shire has established the operations required to start lending under the scheme, their CBILS facilities will initially be available to their existing 66,000+ customer base, but with a view to new customers.
Shire Leasing’s Chief Operational Officer, Malcolm Workman, commented on how Shire Leasing are supporting UK businesses through the pandemic, “Our service levels have remained at a high standard as we transitioned to a predominantly work-from-home structure. We have continued to offer finance solutions to businesses on a case-by-case basis and have also offered every existing customer the option to restructure their current payments.
“Being approved for accreditation under CBILS puts us in a position where we can further aid the UK SMEs that our economy relies on and help businesses to access finance which they might otherwise struggle to obtain”.
Further details can be found on our CBILS webpage