Your buying and growth plans can continue despite the lockdown

When is the right time to buy new equipment?

If you have been looking for ways to diversify your offering and push for business growth, then the answer is now.

Even during the current pandemic, investing in new equipment can be a great way to get ahead of your competition and grow your business through investment in the latest garment technology whilst preserving cash flow.

That’s where the Coronavirus Business Interruption Loan Scheme (CBILS) comes in. CBILS provides financial support to smaller businesses affected by coronavirus. The scheme, which has been extended to March 31, 2021, provides further opportunities for businesses to secure cash flow and ease stress as the new challenges of 2021 arise.

CBILS will allow you to continue with your growth plans and fulfil your ambitions to buy new equipment without having to pay any interest, or potentially even capital for the first 12 months. Many businesses are accessing loans to hang onto their cash in case they need it in this uncertain climate going forward. More benefits include:

• If eligible for CBILS, Directors will not be required to give guarantees for lends of up to £250,000.
• If you have already taken out a Bounce Back Loan, you can refinance this with CBILS to release further cash..
• Even if you’ve had a CBILS facility already, you can still apply for another before the deadline. SMEs can have up to £5m CBILS, subject to eligibility.
• Decisions can be made within days and money released shortly after the acceptance is confirmed.

You could also use this time to take advantage of the current Annual Investment Allowance (AIA) scheme, which has been extended throughout 2021 to £1m. The AIA scheme allows you to offset the cost of asset investments (plant, machinery, commercial vehicles etc) against your taxable profits, which could enable you to reduce your corporation tax bill significantly.

PMD Business Finance was established in 2010 and is one of the largest independent providers of business finance. Additional information is available here.

The Coronavirus Business Interruption Loan Scheme (CBILS) 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 CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS 

Contact details:

If you would like any more information, please contact Rob Greenhalgh, business development director at PMD Business Finance, on:

Telephone: 07702 551 383
Email: robg@pmdbusinessfinance.co.uk

About PMD Business Finance:

PMD Business Finance is one of the largest independent providers of business finance. The team act fast and can deliver a range of flexible and competitive finance solutions to all types of businesses. Established in 2010 by Peter Dobson and his key management team, the company has grown significantly and is now lending over £100m each year to UK businesses. The company operates both directly with clients and through professional introductions and suppliers of business assets, providing a diverse and flexible range of business finance solutions, including: Asset Finance, Supplier Finance, Invoice Finance, Business Loans, Structured Finance and Merchant Cash Advance.

Whether you are considering acquiring business machinery, equipment and vehicles, refinancing existing assets, looking for loans to expand or cash flow solutions, PMD can assist you.