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08 Issue 3 2020 NEWS A rnold Plant Hire, a long-standing customer of JCB Finance, which provides hire purchase and leasing on JCBs and other compatible plant and machinery, accepted an emergency payment pause offered by the lender as part of a swift COVID-19 response. Like many businesses, Arnold Plant Hire, which has been hiring plant and machinery to the construction industry and other industries including, foundries, recycling and manufacturing for 30 years, needed to furlough most of the team, with the initial outlook uncertain following the COVID-19 outbreak. However, with customers spread over many sectors, including essential services like recycling, the majority of the company’s 350-strong hire fleet remained on hire, with only temporary disruption. Finance Director David Hardman said: “JCB Finance was quick to offer support and gave us relief when we needed it.” The Arnold Plant Hire business model is based around cyclical renewal of its fleet, to offer customers machines with the latest engineering advancements in efficiency, safety and reliability. Now, as the country begins to bounce back, JCB Finance has helped the firm to secure a hire purchase facility backed by the Coronavirus Business Interruption Loan Scheme (CBILS) used to purchase four new JCB 437HT wheeled loading shovels from Gunn JCB Ltd that will be placed on immediate hire in response to customer demand. The CBILS-backed Hire Purchase from JCB Finance is a 53-month term facility with six months, no capital payments and the first 12 months interest paid by the Government. Following its recent accreditation by the British Business Bank, JCB Finance has been promoting the offer to help businesses that are impacted by COVID-19 to continue to invest. David said: “The Coronavirus Business Interruption Loan Scheme is a crucial initiative to give businesses, like ours, the CBILS LOAN PROVIDES LIFELINE TO ARNOLD PLANT HIRE “JCB Finance was quick to offer support and gave us relief when we needed it.” confidence to continue investing. To simply keep going isn’t enough – investment is a must if the economy is to grow and improve productivity. Applying for the CBILS loan through JCB Finance was easy. They understand our business and provide us with an excellent service.” JCB Finance is consulting with customers and other UK businesses within construction, agriculture and industry who have been impacted by COVID-19 to see how they may benefit from the scheme.