This has been purchased using a Hire Purchase facility – backed by the Coronavirus business interruption loan scheme through JCB Finance Ltd. This purchase is part of a large investment made by Monks to support a newly awarded contracts within the waste sector including Lancashire Renewables.
Monks Contractors, Managing Director, Chris Monk said “This is a significant investment in our fleet, however, to provide the exemplary service levels that our customers have come to expect from us we must keep a renewed fleet and offer the best that is available.”
Like many businesses the COVID-19 outbreak brought disruption to Monks Contractors, whilst the waste sector remained busy the plant hire side of the business did see a reduction in utilisation resulting in reduced revenue for the firm.
The CBILS-backed Hire Purchase from JCB Finance is a 53-month term facility with 6 months no capital payments and the first 12 months interest paid by the Government. Following their recent accreditation by the British Business Bank, JCB Finance has been promoting the offer to help business impacted by COVID-19 continue to invest.
“The pandemic and lockdown made everyone feel uneasy, some form of disruption was inevitable, but we must look forward. It is essential we continue to invest and maintain our fleet to deliver the best possible service to our customers and the CBILS-backed Hire Purchase with JCB Finance has helped us to do this. I have used JCB Finance for years and have a great relationship with them, they offer a good combination of personal service and easy uncomplicated online services that help save me time.”
Monk Contractors was established in 1993 by Chris and his wife Louise, starting as an agricultural contracting firm they now have an extensive range of plant, materials handling and commercial vehicles and is today one of the leading suppliers to the waste haulage sector and has a growing plant hire fleet.
JCB Finance are consulting with customers and other UK businesses who have been impacted by COVID-19 to see how they may benefit from the scheme. Applications for CBILS must be received by 30th November 2020 and accepted by 31st December 2020 to secure a facility and have up to six months to draw down following acceptance.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS, CBILS and the list of participating lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk