Tractor Funded with CBILS
£122,150 Advance For The Purchase of A Replacement Tractor
Sector: Agriculture
Solution: CBILS backed Hire Purchase
The Client
Long established, Somerset based farming and groundworks business, rearing dairy cattle and poultry as well as undertaking all major groundworks, sewage treatments and the laying large areas of paving.
The Challenge
We were asked to raise funding for a new replacement Tractor. Given the high cost and the difficulties the business had faced through the pandemic, the CBILS proposal had to be extensive and detailed to guarantee a successful outcome.
The Solution
Utilising the Government backed CBILS, we were able to secure a £122,150 advance over a 60 month term, whilst using the outgoing tractor as a part exchange towards the deposit required. A fantastic result considering the client being declined elsewhere prior to us speaking to them.
Summary
Although working in a very difficult lending climate during the pandemic, we utilised our experience, lending panel and the assisted government backed funding made available to ensure our client was able to make their purchase and to continue to grow their business.
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