New funding product targets farm and building firms
Bluestone offers young firms loans for purchase of equipment
A new finance product aimed at young businesses and self-employed contractors who are seeking to buy agricultural or construction equipment has been launched.
The product is from Bluestone Asset Finance (Ireland), a subsidiary of British financial services firm Bluestone, which is owned by a mix of private and institutional shareholders including LDC, the wholly owned subsidiary of Lloyds Banking Group, Australia’s Macquarie Bank and its own management team. The Irish business was set up in 2011 through the purchase of a €350m asset finance portfolio from Bank of Scotland (Ireland).
The financing launched today will cover hire purchase and leasing for new businesses with a minimum 12-month trading record. The funding is aimed at firms who are seeking to purchase a range of equipment including dump trucks, tipper trucks, excavators, tractors, graders, forklift trucks, combine and forage harvesters, beet harvesters, self-propelled telehandlers and self-propelled cherry pickers.
The minimum advance amount is €10,000, and the maximum €300,000 over a 60-month term.
Bluestone managing director Donal Murphy said its research indicated that there were more than 3,000 new businesses that had been trading in Ireland for 12 to 24 months. "Access to finance remains acute for many of these young businesses and we believe there is a gap in the market for this under-served group," he said.