Specialist asset-based lender Ultimate Finance is to offer asset finance products as part of its Coronavirus Business Interruption Loan Scheme (CBILS) accreditation.

Ultimate Finance’s accreditation by the British Business Bank (BBB) will see it provide funding to SMEs to support their purchase and leasing of new and used assets, such as equipment, machinery and vehicles, as well as the refinance of existing assets to release working capital.

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CBILS-backed asset finance facilities are available from £10,000 to £1m over one to five years, with no interest or fees payable in the first year.

This sits alongside the firm’s existing accreditation to provide CBILS term loans of £50,001 to £500,000 alongside invoice finance facilities of up to £5m.

The company currently works with more than 2,500 businesses across the UK and expects to be operationally ready to begin taking new applications for CBILS-backed asset finance via its approved broker partners from next week.

Josh Levy, chief executive of Ultimate Finance, said: “As an industry, we have been busy supporting forbearance requests from our clients but it’s vital that funding assistance is also available for new investment needs. Our asset finance CBILS products will enable businesses to invest in new assets and equipment to support their recovery through this period of challenging trading conditions, with no interest payments in the first 12 months.”

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Andy Ribbins, managing director of asset finance at Ultimate Finance, said: “We’ve worked hard to ensure there is clarity in the lending criteria with a swift application process using our broker portal. We have already seen significant interest for CBILS and now expanding the offer will mean even more choice.”

The accreditation extension comes as the Treasury announced that lenders across the UK have approved over £31.3bn in funds to over 745,000 businesses through government-backed schemes, since the start of the coronavirus pandemic.

CBILS is managed by the BBB on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).

Ultimate Finance, established in 2001, is part of international private investment company Tavistock Group, Ultimate Finance has offices in Bristol, Manchester, Leeds, Lutterworth and Edinburgh.

Tavistock Group is an international private investment company founded more than 40 years ago.