With banks withdrawing or reducing their support for many companies, City Business Finance, who have made a speciality of providing finance for the stone industry, might be able to offer a helping hand.

In addition to traditional hire purchase and leasing facilities for both new and used equipment, City Business Finance can restructure existing finance agreements and re-finance unencumbered equipment to assist cash flow.

This can be funded by either a sale and hire purchase back or loan and charge facility, says Matt Gilbert. Having a detailed knowledge and understanding of the equipment operated within the industry is paramount to this type of funding as it is generally based on trade resale values. Advances of £30-50,000 upwards are common place with repayment periods over 24 or 36 months depending on the age of the machine being re-financed

As with traditional finance, the machinery is used as security for the finance agreement and this is secured by City Business Finance taking a legal charge over the asset, which is logged at Companies House.

Matt says: “Every day we are hearing of businesses being effected by their bank, either by being refused loans or having overdraft facilities reduced or even withdrawn. More than ever cash flow can be a serious issue. Perhaps we can help.”

Of course, finance is still available for buying new and used machines and there are companies, even in these troubled times, who are investing to keep up with latest technology and to improve their competitiveness.

To talk to Matt about the various finance options available contact him on Tel: 01959 568280. Email: mgilbert@citybusinessfinance.com