ADAPT finance to help businesses recover from COVID-19

ADAPT and First Business Finance offer a finance package for SMEs in the printing market, known as the Coronavirus Business Interruption Scheme (CBILS).

UK businesses recovering from the impact of COVID-19 may be eligible for a new business package from ADAPT in conjunction with First Business Finance.

Called the Coronavirus Business Interruption Scheme (CBILS), the back-to-business offer is a Supported Capital Asset Finance (SCAF) package that provides loans of between £30,000 and £1 million to UK businesses meeting specific criteria. It is intended to assist SMEs who would likely fall outside of asset finance funders' normal remit.

The qualifying criteria include an annual turnover of no more than £45 million AND self-certification that the business has been adversely impacted by the COVID-19 pandemic. The business must not have been classed as a business in difficulty on December 31st 2019.

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," says Adam Booth, Sales Director at ADAPT. "Now significant numbers of limited company SMEs can apply, getting them back to work after the effects of the pandemic."

In addition to the CBILS package, provided in conjunction with First Business Finance, ADAPT is a supplier of leading brands inclined Canon, HP, Mimaki and Summa - everything needed for a thriving marketplace.

For more information on ADAPT, please visit www.amaridigital.com

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