Reality Finance Solutions are now a CBILS Approved Broker for Asset Finance.
- Date: 05 May, 2020
Reality Finance in partnership with Aldermore Bank Plc is accredited for Asset Finance business between £50k and £250k under the Government-backed CBILS Scheme.
CBILS is a Government-backed initiative that provides funding to smaller businesses across the UK who are experiencing lost or deferred revenues as a direct consequence of Covid-19.
Reality can offer Asset Finance facilities to SMEs to support their investment in both new and used business assets. Prior to the launch of the CBILS scheme, those SMEs would ordinarily have had difficulty raising funds as the effects of Covid-19 would more than likely have pushed the application outside of the lenders’ normal lending criteria.
There are some attractive and compelling facets to the CBILS scheme, for example, any arrangement fees are waived, personal guarantees are not required up to the £250k cap and the interest charges for the first 12 months are covered by the Government.
If you are a Vendor or Reseller we can offer your customers CBILS for Asset Finance under our Partner Programme.
What is the Lending Criteria?
- To be UK based in its business activity with an annual turnover of no more than £45m
- Applications must be for business purposes only
- Businesses must generate more than 50% of its turnover from trading activity
- Businesses can borrow between £50k and £250k
- Finance terms are between 12 and 60 months
- For the applicant business not to have been in financial difficulty prior to the COVID-19 outbreak
- Agreement types considered: hire purchase and finance lease only