CMYUK introduces asset finance support scheme

CMYUK has joined forces with industry finance specialist Sheppex to offer asset finance support as part of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

The boundaries of the scheme have recently been updated and now CBILS can be used to directly support capital asset finance. This new initiative provides the mechanism by which UK digital printing companies can get their businesses up and running again by investing in capital equipment. The scheme’s benefits include: loans of £25,000 to £5m, no interest or fees payable in the first year, 0% to 10% low deposit finance, no personal guarantee for loans up to £250,000, loan terms between one and five years (a six year term to be offered on larger purchases), and a government-backed guarantee. The latest CBILS updates have simplified the application process and widened the eligibility criteria. Now significant numbers of smaller limited company SMEs can apply, as insufficient security is no longer a required condition. For a UK-based business to be eligible for the scheme, the following criteria must be met: have an annual turnover of no more than £45m, self-certify that it has been adversely impacted by the pandemic, not have been classed as a business in difficulty on 31 December 2019, if applying to borrow more than £30,000. Throughout the investment process, CMYUK will provide a consultative service, guiding PSPs through the application process and paperwork. Robin East, group director at CMYUK, said: “Sheppex is our long-standing asset finance partner and together we are doing all we can to help our customers’ businesses take advantage of this worthy financial support. Covid-19 has impacted our industry but we’re supporting it to look to the future. These unprecedented government-backed finance packages make reaching for that future a great deal easier. Investing now, will propel our industry forward.”