JCB customers utilise Covid-19 loan scheme
By Belinda Smart20 January 2021
JCB Finance says the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS) has helped its customers by enabling them to invest in and maintain their fleets during the pandemic.
JCB Finance was set up to finance JCB products and now provides CBILS-backed hire purchase on new and used machinery, commercial vehicles and plant. It confirmed on 20 January that it had delivered more than £50 million (€56.4 million) of loans via the scheme during the pandemic.
CBILS was established to support UK SMEs during Covid-19. JCB Finance is an accredited lender and has been assisting customers impacted by Covid-19, who need to invest in equipment, plant and vehicles.
CBILS supports 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.
Monks Contractors in Blackburn in the north of England used JCB Finance’s CBILS-backed facility. The company, which offers plant hire, drainage, waste management, vehicle maintenance and civil contracting services, was able 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.
The Chancellor of the Exchequer Rishi Sunak has announced a further extension to the CBILS scheme to 31 March 2020. Successful applicants have six months from receiving the loan offer to draw down the facility, providing businesses with access to funds until autumn 2021.