A Truro-based business has been helping other businesses to secure loans through one of the schemes set up in the wake of the Covid-19 pandemic.

Ignition, who are a UK provider of vehicle and asset finance for SMEs, has been assisting businesses affected by the pandemic and subsequent lockdowns to secure loans, helping them to grow during a time of continued government restrictions.

The CBILS scheme provides 80% Government guaranteed loans up to £500,000, and asset backed loans to £750,000 with 12 months interest free.

These commercial loans and some asset finance packages also benefit from a 12 month payment holiday with the aim to help ease business cash flow.

One of the companies to have been assisted by Ignition is Newquay-based building and scaffolding company, RC Construction SW Ltd.

Formed in 2013, RC provides a variety of building services such as brick paving, loft conversions and new home builds.

With its own scaffolding division, the company also supports local roofers and a solar power company with their scaffolding needs.

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Although initially set back by the pandemic with some employees furloughed, RC Construction is now able to get back to business, working concurrently on two new build houses, as well as reporting increased demand for its scaffolding services.

Being a long-standing customer of Ignition, RC Director, Andrew Taylor, contacted the company regarding finance for additional scaffolding equipment and also requested a business loan to ease the strain on cash flow when commencing new groundworks contracts.

Ignition was then able to arrange a £25,000 Hire Purchase loan for new scaffolding equipment, through the Coronavirus Business Interruption Loan Scheme (CBILS) and was also able to provide a further £55,000 CBILS loan to assist with working capital.

Andrew said: "It’s always a difficult time at the outset of a new contract, when there are substantial outlays but funds can’t be drawn for around six to eight weeks.

"The CBILS loan will help us get these new contracts off the ground and support the growth of the business going forward.

"Likewise, the new scaffolding equipment is already in use, helping us to improve our service and meet the increase in customer demand.

"Ignition have always provided us with really good service.

"They respond quickly with workable solutions and minimal hassle."

If you would like to find out more about their services, visit Ignition's website: www.ignitioncredit.co.uk