United Trust Bank has launched a technology financing product to fund the purchase of hosted IT services as well as hardware, software and maintenance contracts.
United Trust Bank’s ‘Technology Finance’ will be available through broker partners to a range of UK businesses.
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Companies will need to have been trading for more than 3 years and be able to demonstrate that their business is in a sound financial position.
The product will offer services for upgrading their hardware to the latest mobile technology, virtualise their server environment or acquire a new bespoke CRM software systems, including 100% software.
The new product complements the bank’s established offerings of secured asset finance, property development and bridging finance and professional lending.
UTB said its criteria included:
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By GlobalData- Unregulated
- Facilities range from £5,000 to £750,000
- Up to 36 month terms
- IT desktop and mobile hardware
- Servers and infrastructure
- 100% software (delivered and hosted)
- Services (Maintenance, support and development)
Kevin Flowerday, head of professional lending and technology finance at United Trust Bank, said: "Investment in technology for many businesses is no longer a nice-to-have, but a necessity.
""Big Data" and its associated storage, accessibility and interpretation is at the top of many IT departments’ agendas as they look to build their business intelligence and deliver bigger and better performance. Investing in the relevant technologies that deliver these results can be costly for any organisation."
Flowerday added that the faclity of the UTB initiative included giving broker partners the ability to offer their clients repayment options for the purchase of technology equipment and software over the useful life of the asset; paying for the technology as the business improvements and increase in performances are delivered rather than in one lump sum.
"The way technology is being delivered and accessed is changing too," said Flowerday. "By the end of 2015 a third of all infrastructure spending will go on cloud technology. Traditionally most asset finance companies would shy away from this type of funding, but at UTB we are able to provide our partners with financial solutions that will fund the future of IT expenditure."
