UK leasing broker Kennet Equipment Leasing is offering finance on small-ticket items costing as little as £250 to start-up firms.
The latest addition to the broker’s product portfolio will be available to any business which has been trading "for at least one day" and is designed to facilitate quick approval onsite at Kennet’s network of suppliers and retailers.
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Funding for the finance will come from online small lender ThinkSmart which approached Kennet with the proposal. ThinkSmart already operates a similar small-ticket product with a number of high street retailers in the UK and chose Kennet to launch its offering in the UK broker space, signing an exclusive partnership for three months.
The product, which follows Kennet’s introduction of an electronic signature system and smartphone application last year, is designed to allow businesses to walk away from a supplier with a product on finance following a quick credit decision from Kennet.
The product is also available online and is designed to make it easy for businesses to add consumables, accessories, warranties and servicing to the acquisition.
Tim Tainty, Kennet’s managing director, told Leasing Life the rates on the finance are "comparable to those of a tier-two funder" and the company has already seen significant demand for the product.
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By GlobalDataSteve Swift, Kennet’s chairman, said: "With such a low entry point it offers both new and established businesses the opportunity to buy smaller or less expensive equipment with minimal fuss, so they can begin to use it immediately for their business.
"The retailer can also increase their incremental sales with additional accessories that can be added to the lease at the point of purchase.
"We have hit the ground running with this offer – so there is definitely a need for affordable, easily -arranged, smaller-ticket equipment leasing in the marketplace. Couple this with our e-doc and leasing app, and we are well-placed to maintain our growth during 2013."
