UK asset finance company Haydock Finance has successfully distributed over £100m to SMEs through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
As an accredited partner for asset finance, Haydock has paid out over 450 agreements under their hire purchase and refinance product offerings.
Delivered through British Business Bank (BBB) accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak.
The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Andy Taylor, sales director, said, “I’m very proud that Haydock has now lent over £100m of CBILS HP and Refinance via our introducers to SMEs.
“This has probably been the most testing time that the British economy has ever contended with so if we have done a small part in keeping the countries vital SMEs functioning then I am very happy that we have helped out.
“March seems a lifetime ago when we were on a call with well over a hundred colleagues and trade associations on a Sunday afternoon where the British Business Bank announced the CBILS product.
“It has been a challenging year but due to the hard work of Haydock staff, the British Business Bank and our introducers, we have provided a substantial amount of lending to SMEs against this extraordinary economic backdrop”
The CBILS is managed by the BBB on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
On December 11, Blackburn-based Haydock announced that it had secured a £25 million commitment from the British Business Investments (BBI), a commercial subsidiary of the BBB,The three-year funding commitment is structured as a block discounting facility and will help Haydock continue to grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.