United Trust Bank has introduced a new technology financing product that will fund the purchase of hosted IT services as well as hardware, software and maintenance contracts.
It will be available through broker partners to a range of UK businesses. Companies will need to have been trading for more than three years and be able to demonstrate that their business is in a sound financial position.
Product criteria:
- Unregulated
- Facilities range from £5,000 to £750,000
- Up to 36 month terms
- IT desktop and mobile hardware
- Servers and infrastructure
- 100% software (delivered and hosted)
- Services (Maintenance, support and development)
Kevin Flowerday (pictured), head of professional lending and technology finance at United Trust Bank, said: “Investment in technology for many businesses is no longer a nice-to-have, but a necessity. ‘Big Data’ and its associated storage, accessibility and interpretation is at the top of many IT departments’ agendas as they look to build their business intelligence and deliver bigger and better performance.
“Investing in the relevant technologies that deliver these results can be costly for any organisation. UTB now gives our valued broker partners the ability to offer their clients repayment options for the purchase of technology equipment and software over the useful life of the asset; paying for the technology as the business improvements and increase in performances are delivered rather than in one lump sum. The way technology is being delivered and accessed is changing too.
“By the end of 2015 a third of all infrastructure spending will go on Cloud technology. Traditionally most asset finance companies would shy away from this type of funding, but at UTB we are able to provide our partners with financial solutions that will fund the future of IT expenditure.”
Martin Nixon, head of asset finance at United Trust Bank, added: “We are delighted to be able to increase the asset classes available to our broker partners at a time when more and more SMEs are looking to invest in technology. This move once again demonstrates United Trust Bank’s commitment to the asset finance sector, to providing brokers with an excellent range of products and to supporting the UK business with the funding it needs.
“With Kevin heading up the specialised technology division our partners can be assured that they will receive the same high level of service and attention that they have come to expect from United Trust Bank.”
