PSPs may be eligible for a new business finance package from Adapt in conjunction with First Business Finance.
The Coronavirus Business Interruption Scheme (CBILS) provides Adapt's lenders with a government-backed guarantee, potentially enabling them to provide asset finance facilities to SMEs to support investment in new and used assets.
The loans are available for terms of between 12 and 60 months with no interest or fees for 12 months (capital repayments only). Agreement types considered are hire purchase, finance lease, sale and HP/lease back. There are no personal guarantees up to £250,000.
"Each lender really decides upon their own underwriting criteria but the latest CBILS updates have simplified the application process and widened the eligibility criteria," said Adam Booth, sales director at Adapt.
In addition to the CBILS package, provided in conjunction with First Business Finance, Adapt is a supplier of brands including Canon, HP, Mimaki and Summa.