JCB Finance has been accredited by the British Business Bank to provide the Government Business Bounce Back Loan Scheme (BBLS).
Soon, JCB Finance customers who currently have an active finance agreement will be able to apply for the BBLS which provides up to £50,000 emergency working capital to UK small-medium sized enterprises (SMEs), helping them to bounce back following the COVID-19 outbreak. Importantly, the scheme offers businesses a 12-month interest free period, with no capital payments or fees to be made during this time and no personal guarantees will be taken. The loans are over a 6 year term at the low fixed interest of 2.5% per annum with no early repayment fees.
With over 10,000 SME customers across construction, industry and agriculture, JCB Finance are well placed to help get the funding where it’s needed and help support businesses with much needed working capital as they experience lost or deferred revenues because of COVID-19.
JCB Finance Managing Director Paul Jennings said:
“JCB Finance has built a strong reputation for supporting businesses through good times and bad over its 50 years of trading, so becoming one of the latest partners of the British Business Bank to deliver the loans will be a positive sign.
When the outbreak began, we were swift to mobilise our resources to facilitate a pre-approved payment holiday so that our customers who needed to take initial relief had it, without delay. This accreditation means we can go further than that and offer additional working capital loans and support to help UK businesses to return to work. It is in everyone’s interests to support businesses weather this storm and bounce back.”
Details of the loans available via JCB Finance, including how to apply will be announced online in the coming days.
The Bounce Back Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website at www.british-business-bank.co.uk