CMYUK, Shrewsbury – CMYUK has joined forces with industry finance specialist Sheppex to offer asset finance support as part of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The boundaries of the scheme have recently been updated and now CBILS can be used to directly support capital asset finance. This new initiative provides the mechanism by which UK digital printing companies can get their businesses up and running again by investing in capital equipment.
The scheme hosts a number of favourable benefits including:
- Loans available from £25,000 to £5m
- No interest or fees payable in the first year
- 0% to 10% low deposit finance
- No personal guarantee for loans up to £250,000
- Supported by government-backed guarantee
- Loan terms between one and five years
- A six year term to be offered on larger purchases
The latest CBILS updates have simplified the application process and widened the eligibility criteria. Now significant numbers of smaller Limited Company SMEs can apply, as insufficient security is no longer a required condition.
For a UK-based business to be eligible for the scheme, the following criteria must be met:
- Must have an annual turnover of no more than £45 million
- Self-certify that it has been adversely impacted by the pandemic
- Must not have been classed as a business in difficulty on 31 December 2019, if applying to borrow more than £30,000
Throughout the investment process, CMYUK will provide a consultative service to its customers, guiding them through the application process and all the necessary paperwork, quickly and painlessly.
Robin East, Group Director at CMYUK said, “Sheppex is our long-standing asset finance partner and together we are doing all we can to help our customers’ businesses take advantage of this worthy financial support. COVID-19 has impacted our industry but we’re supporting it to look to the future. These unprecedented government-backed finance packages make reaching for that future a great deal easier. Investing now, will propel our industry forward.”