Hitachi Capital Business Finance has launched a new hire purchase offering that is aimed at making it a more popular finance choice among small businesses.
A key element of the offering is its simplicity, with an easy to understand agreement backed by a pledge that the business will receive support in all economic conditions.
The hire purchase agreement has been transformed, with straightforward terms and conditions on the front page making it easier for customers to understand, which is designed to build customer confidence in their finance choice.
The agreement currently covers all unregulated deals below £50,000 alongside a simple and easy-to-understand application process.
The client chooses the assets and supplier, and can take ownership of the asset at the end of the agreement.
The initiative follows small business research by Hitachi Capital Business Finance which found that only 3% of decision-makers had used hire purchase in the past 12 months.
The new move by Hitachi Capital is designed to help small business owners dispel the ‘fear factor’ surrounding finance and instead be more confident in both acquiring assets and taking advantage of the opportunities they create.
Hitachi Capital and its network of introducers will also be able to explain products and tailor them to a business’s needs - all reinforced by specialist sector knowledge.
Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, said: “Sometimes it’s the little things that make a big difference for small businesses. Making hire purchase easier, quicker and giving reassurance that there are no complex terms will help business decision makers consider this as an option when they are looking for the right funding to grow their businesses.
“Hitachi Capital Business Finance wants to make the road ahead clearer for British businesses and we are doing our bit to remove the fear and mystery behind hire purchase.”
Bernie Skivington, director wholesale solutions at the British Business Bank, said: “Hitachi Capital Business Finance is a delivery partner under our ENABLE Funding programme. Part of our remit at the British Business Bank is to help smaller businesses better understand and have confidence in their finance options, and we welcome any initiative such as this one, which simplifies and improves access to finance for smaller businesses.”