Yorkshire financing firm opens £10m line for Covid business assets

A Wakefield-based asset finance specialist has launched a £10m funding line to help businesses “unlock future growth”.

Bluestone Leasing’s Coronavirus Asset Unlock Scheme provides finance to firms that invested in equipment and technology to operate during the pandemic.

Funding can be raised on assets valued between £1k and £125k and includes screens, air conditioning, contactless or remote handling systems, and new IT equipment.

Bluestone financial director Mark Hargreaves said: “Many businesses have not only had a long period of reduced revenues but also had to make significant investments to continue trading.

“The challenge they face now is to rebuild their balance sheets while finding finance for growth – however as many have taken out government-backed loans, they are reluctant to rely on further debt.

“CAUSe provides an ideal solution, as it enables them to unlock some of the outlay they have already made to inject cash into the business, and without the need for personal guarantees on the part of directors. There may also be significant tax savings.”

Bluestone Leasing now employs around 45 staff and arranges funding deals totalling around £65m annually.