Village News

Christmas Lights

200220 | Purchase of vacuum excavator worth £500,000 for Underground Solutions Limited – utilities Contractor based near Hayle


Finding the right finance

Paul Caunter is managing director at Ignition, a leading UK provider of vehicle and asset finance for SMEs, based in Truro. He explains how asset finance can help businesses achieve their goals

1
217
Paul Caunter

FEATURED

Most SMEs reach a point where they could do with some extra funds, whether it’s at the outset to kick-start a new venture, to help with growth and expansion, to diversify and explore new opportunities, or to navigate through lean periods when the going gets tough.

Asset finance is widely considered a sensible solution for funding the purchase of new vehicles or equipment. A typical Hire Purchase plan provides immediate use of new equipment whilst spreading payment over a number of months. Similarly, Finance Lease plans offer a rental solution for new equipment, whereby the equipment remains the property of the lessor and is rented over an agreed period of time.

Recently, Ignition helped with the purchase of a vacuum excavator worth £500,000, for Underground Solutions Limited – a utilities Contractor based near Hayle, run by Jamie and Sam Warmisham. Sam comments: “As the business has grown, we’ve needed to invest in more equipment and vehicles, and can always rely on Ignition to provide us with a good deal and great service.” The excavator is already proving a sound investment.

However, there are a number of other financial solutions available to SMEs wanting to boost funds or reorganise their finances. Refinancing is a means of selling existing valuable equipment and buying it back over an agreed period to meet your budget, whilst retaining use of it throughout. It can be great for unlocking capital to help fund other business needs.

Invoice Financing releases critical working capital tied up in outstanding invoices, helping to improve cash flow. With customers taking longer to pay their invoices it is common for SMEs to be hampered while they wait for payment. Invoice Financing can release up to 90% of the value of invoices.

Many SMEs also find it helpful to take out Corporation Tax Loans, to take the sting out of that dreaded annual tax bill. These loans spread the cost of tax bills into more affordable monthly payments, helping businesses avoid nasty surprises.

Finally, Commercial Loans are also available for a variety of business needs that may be less tangible than specific assets or equipment, such as launching a marketing campaign, recruiting additional staff, refurbishing premises, or even providing funding support during grant applications.

For example, Sellectronics, based in Falmouth, provides technology and electronic manufacturing services, including rapid prototyping and electronics design. When buying a new piece of equipment, the company can be eligible for EU match-funding grants of up to 40%, but has to make the initial outlay before funds are awarded, which can take three months. Ignition has helped Sellectronics by providing bridging loans for these periods so that the process goes smoothly.

These are just a few examples of how we consider the unique circumstances of each business so that we can provide the most helpful solutions. Contact us to find out how we can help your business.

Contact

01872 272900

www.ignitioncredit.co.uk

via https://businesscornwall.co.uk/featured-posts/2020/02/finding-the-right-...

Book page

TitleCreated
240325 | Open letter to all party candidates | sign to help Cornwall Wildlife Trust make difference for Nature at election 2 weeks 6 days agoBook page
240310 | Detailed plans for affordable-led housing in Connor Downs 10th March 5 weeks 1 day agoBook page
240310 | Waste collections changes Helston, Penzance, Hayle | second phase:food waste, recycling, rubbish - commences July 5 weeks 1 day agoBook page
240218 | Collapsed North Quay development in Hayle described as a 'sea of despair' 7 weeks 6 days agoBook page
240214 | Hayle North Quay development collapse sees eight companies go bust Work has ground to a halt on the blocks of flats 8 weeks 1 day agoBook page
240220 | Poling works | Grist Lane and Marsh Lane, Angarrack | expected 20 Feb 2024 0830-1630, for one day 10 weeks 14 hours agoBook page
231130 | Are you ready for weekly food waste recycling? | Food Waste, Recycling and Rubbish Collection Changes 18 weeks 5 days agoBook page
230821 | People of Cornwall town 'thrown under bus' over housing plan | direct result of councillors handled Hayle masterplan 33 weeks 6 days agoBook page
230817 | When will new rubbish collection changes start, Cornwall 34 weeks 5 days agoBook page
230809 | Holiday park in Cornwall for emergency housing still empty | Sandbank site purchased Cornwall Council in Jan 2022 35 weeks 3 days agoBook page
230811 | Decision on huge solar farm at Carnhell Green: refused 35 weeks 3 days agoBook page
230809 | Nearest NHS dental practice to Cornwall taking new patients 35 weeks 3 days agoBook page