SME Finance UK
WestWon have been leasing to the SME sector for nearly 30 years. The average value of our leases are £17,000.00. Saying that, we do numerous leases with values from £1,000.00 all the way to many millions. Over 90% of the leases we do are for UK SME companies.
Why do SME Companies lease in the UK?
There are a few key reasons:
- Cash flow. Leasing allows you to buy equipment today and then make repayments over the asset’s life, normally between two and five years. There is no need to pay upfront for the equipment which can be a drain on cash flow.
- No need to go to the bank manager. We still hear every day stories from companies we work with where the business owner does not want to go to their existing sources of credit. For some, it is the fear the “computer says no,” for others they want to keep an overdraft facility in place for other needs. That’s the great thing about leasing via WestWon, we will be a brand-new source of finance to you company.
- Budgeting. Leasing for SME companies makes great budgeting sense. You know exactly what you will be paying each month as lease repayments are fixed for the duration of the lease agreement.
- Tax benefits. All rental repayment are fully allowable against your tax bill. We would always recommend you take you own tax advice, but generally for most SME companies, leasing offers some great tax benefits.
Lease funding for SME UK companies, some frequently asked questions:
How quickly can lease finance be arranged for my SME company?
Normally we get a decision within 24 to 48 hours.
How expensive is it compared to lease finance for a larger company?
Pricing is based on risk, lease rates are not based on the size of the company but the financial standing. The stronger you are financially, the cheaper the lease rate.
We have been turned down for finance in the past, how can you help us?
We have a panel of 50 plus leasing and asset finance lenders. A number of these will look at SME companies where they have been turned down for leasing in the past. It’s our job to get you a lease credit facility, and more often than not, we are successful at that!
Do you charge to get a lease facility in place?
No. We will arrange a lease facility for you and there is no obligation to go ahead with it. Please note though, when you do go ahead, most leasing companies will charge a documentation fee of £100 to £150.
SME companies – the backbone of business in the UK!
We are proud to say we lease in the micro and SME leasing sector. Some leasing companies will turn their nose up at you for a £3,000.00 lease deal. We will not do this, we will welcome your business.
Please just give our team a call on 01494 611 456
If you would like to know more about the UK definitions of SME companies in the UK, take a look at our other blogs below.