Cambridge & Counties Bank, a specialist lender based in Leicester, said it will waive the documentation fee for all asset finance deals drawn under a credit line between 1 February – 30 April this year.
The bank’s business customers will save a £200 documentation each time they drawdown during the promotional period.
The campaign, which is aimed at new and existing credit line customers via brokers and intermediaries, follows a similar, successful three-month ‘no documentation fee’ campaign in mid-2019.
Credit lines are useful for SMEs and business owners looking for cost-effective and quicker access to funding.
If a customer takes a credit line for £500,000, for instance, they can drawdown individual amounts during the promotional period – such as £100k, £250k and £150k – and not pay any documentation fees, the lender said.
The bank’s asset finance suite helps SMEs invest in business-critical assets such as vehicles, construction equipment, plant and machinery, cranes and CNC machinery.
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Simon Hilyer, senior business development manager at Cambridge & Counties Bank, said: “Our last campaign showcased the competitive nature of our products. We are building on that further as we look ahead to 2020 and a year of growth and expansion for the bank.
“Our proposition has been welcomed by our partner introducers and we expect this campaign to once again further cement our broker relationships. Unlike many lenders, Cambridge & Counties Bank completes the agreement documentation on behalf of brokers, saving significant time and effort for them and their clients.
“Credit Lines can be a compelling solution for many businesses, helping to fund expansion plans, for instance, or release finance locked into fixed assets, provide a cash flow injection and help finance balloon payments, among others,” he said.
Simon Burns at Equilibrium Finance said: “Campaigns such as this latest one can have a material impact on demand, and we welcome the bank’s focus on seeking to grow its market share in the asset finance sector.”
Cambridge & Counties Bank is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund. They each own 50 per cent of the bank, which is led by chief executive Mike Kirsopp.