Cambridge & Counties Bank has extended the deadline for its credit lines offer to 31st May 2022. The promotion, originally due to come to an end on 31st March 2022, has been extended as many customers are being impacted by significant supply chain issues. It has been more difficult to get hold of certain assets, with critical delays to some deliveries.
Under the promotion, Cambridge & Counties Bank is waiving the documentation fee for all asset finance deals drawn under a new or existing credit line. The bank’s business customers will save the £200 documentation fee each time they draw down during the promotional period. The promotion is beneficial for businesses looking to invest in new capital expenditure, particularly for those wanting to take advantage of the temporary increase in the annual investment allowance to £1 million that is available for qualifying assets.
Simon Hilyer, Head of Asset Finance at the bank said:
“Pent-up demand, the pandemic and other factors driving the current supply chain issues have impacted many SMEs business plans and their opportunities to invest in their businesses. The challenge is that shortages of certain materials, machinery and equipment are likely to continue. That’s why we’ve extended our credit lines promotion – to help support SMEs during this challenging time.”