Renaissance Asset Finance (RAF), a subsidiary of Arbuthnot Latham, has recently extended a substantial facility of £220,935 to an East Midlands groundworks company. The purpose of this facility was to finance the purchase of new equipment to replace their old assets, and the deal was brokered by Monarch Asset Finance.
The total cost of the new assets amounted to £241,020, which included a Takeuchi TB2150R (crawler excavator and tilt rotator), a Takeuchi TB350R 5-ton short tail (compact excavator), and a Takeuchi TB325R 2.5-ton short tail (compact excavator). The hire purchase agreement for these assets required a 10% deposit, offering a straightforward method of financing without the need for a large capital outlay. This allows the cost of the assets to be spread over an agreed term and paid for through fixed monthly instalments, providing businesses with financial stability as they can budget with certainty, without worrying about fluctuating interest rates.
Alan Beardsworth, Head of Specialist Brokers at Renaissance Asset Finance, expressed his satisfaction with the deal, stating that supporting clients in securing new assets to enhance their business is a prime example of the flexible lending solutions they offer to help SMEs achieve their goals. This collaboration between their team and the broker showcases their dedication to providing tangible support to businesses in need.
It is vital for construction companies, like the one supported by RAF, to have access to reliable equipment in order to carry out their work effectively. The provision of this six-figure facility demonstrates Renaissance Asset Finance’s commitment to aiding businesses in obtaining the resources they require for growth and success.
Asset financing plays a crucial role in the expansion and sustainability of businesses, particularly in industries such as construction where the need for costly equipment is paramount. By offering tailored financial solutions, companies like Renaissance Asset Finance assist in driving economic development and fostering the growth of small and medium-sized enterprises.
In conclusion, the recent financial support provided by Renaissance Asset Finance to the East Midlands groundworks company proves to be a significant step in empowering businesses through asset financing. This commitment to assisting SMEs in obtaining essential resources showcases the potential for growth and prosperity within the business sector.