Yorkshire finance company opens £ 10million line for Covid business assets

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A Wakefield-based asset finance specialist has launched a £ 10million finance line to help companies ‘unlock future growth’.

Bluestone Leasing’s Coronavirus Asset Unlock Program provides financing to companies that have invested in equipment and technology to operate during the pandemic.

Funding can be raised on assets valued between £ 1,000 and £ 125,000 and includes displays, air conditioning, contactless or remote management systems and new IT equipment.

Bluestone CFO Mark Hargreaves said: “Many companies have not only experienced a long period of declining revenues, but have also had to make significant investments to continue trading.

“The challenge they face now is to rebuild their balance sheets while finding funding for growth. However, since many have taken out government guaranteed loans, they are reluctant to take on more debt.

“CAUSe offers an ideal solution, because it allows them to unlock some of the expenses they have already made to inject money into the company, and without the need for personal guarantees from the directors. There can also be significant tax savings.

Bluestone Leasing now employs around 45 people and concludes financing agreements totaling around £ 65million per year.

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