Asset finance specialist Bluestone has launched a new £10m funding line to help businesses in the events and attractions sector which have bought assets during the pandemic to unlock finance for growth.
CAUSe – Coronavirus Asset Unlock Scheme – is currently the only product of its type that enables companies to raise funds retrospectively on assets acquired up to two years ago.
Events and attractions businesses that have had to invest in new equipment or technology to adapt to doing business in the pandemic – for example, point of service screens, ordering apps, mechanical ventilation and commercial C02 monitors, sanitiser stations or contactless or remote handling systems – can take advantage of CAUSe.
Funding can be raised on assets valued between £1,000 and £125,000 that are located on company premises with payments being made within 24 hours of the paperwork being completed.
Established 25 years ago in Yorkshire, Bluestone provides finance for a wide range of assets and is the market leader in funding for IT hardware and software, furniture and interior fit-outs. Customers range from SMEs to large corporates and public bodies including Thorpe Park Resort, Hotel Football, Marriott Hotels, Liverpool and Leeds Football Clubs together with UPS, Kelloggs, Serco and Anglian Water. The company now employs around 45 staff and arranges funding deals totalling around £65m annually.
Bluestone financial director Mark Hargreaves says: “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 managing director Vineesh Madaan adds: “Funding will play a key role in rebuilding the economy in the wake of the pandemic. Asset finance is an important element in the mix, providing extra facilities alongside business loans and without the need for additional security. CAUSe was developed in direct response to customers’ needs and has the potential to be a gamechanger for many businesses.”