Asset Advantage has introduced two new loan products aimed at small and medium-sized enterprises (SMEs) across the UK.

The capital expenditure (CapEx) term loan is intended to provide funding for business assets that fall outside of conventional finance options.

This includes specialist equipment and soft assets, as well as costs related to refurbishments, fit outs and equipment commissioning.

The second product, a business acquisition loan, is targeted at those looking to buy a business, buy out a partner, or carry out a management buy-in.

The loan offers an upfront lump sum with structured repayments, with the company typically financing the full value of the transaction.

Both loans are available in amounts ranging from £75,000 ($98,469) to £500,000 ($656,465), with repayment periods of up to 60 months.

The products are open to limited companies, sole traders, and limited liability partnership (LLPs).

Start-ups, defined as businesses with no more than two years of filed accounts, are also eligible.

Asset Advantage sales director Gary Thompson said: “Our new look business loans offering makes it even easier for commercial brokers to pair the right products and funding with the right client and business case.

“Our two new dedicated products answer the clear funding needs many SMEs currently face – whether it’s support with an acquisition, the need to complete fit-outs and refurbs or acquire non-standard assets.

“Business loans offer a tremendous vehicle to achieve this and with our flexible, pragmatic approach to funding, they remain a popular part of our offering.”

Asset Advantage began offering business loans in 2014 to expand broker options and address funding needs in the market. Its loans can be used for acquisitions or for purchasing a broad range of asset types without sector limitations.

The new loans form part of the company’s wider portfolio, which has included asset finance solutions such as hire purchase and finance lease since 2007.