Hitachi Capital Business Finance announces today a radically different way of businesses being able to buy assets - in a bid to help more small businesses feel far more comfortable with investing and using finance.
The new Hire Purchase offering is exceptionally simple to understand and provides a pledge that the business will be supported through good times and bad, guaranteeing more of a partnership than small businesses have perhaps come to expect in recent times.
The agreement currently covers all unregulated deals below £50,000 alongside a simple and easy-to-understand application process. The facility is fully in the customer’s control, the customer chooses the assets and supplier, with the customer able to 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” and instead be more confident in both acquiring assets and taking advantage of the opportunities they create. With manufacturing in Hitachi Capital’s DNA, the funder provides a reassuring and transparent hire purchase facility.
Hitachi Capital and their network of introducers will also be able to explain products and tailor them to a business’s needs - all reinforced by specialist sector knowledge. Transforming the Hire Purchase finance agreement with straightforward terms and conditions on the front page makes it easier for customers to understand and helps build customer confidence in the certainty of their choice of finance.
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 commented: “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.”
Hitachi Capital Business Finance, a subsidiary of Hitachi Capital (UK) PLC, provides business asset finance to over 25,000 customers across the UK, powering both SMEs and bigger corporations to meet their goals and grow. Working across multiple sectors, the business provides a full range of funding options through brokers, vendors and online direct to SMEs. This includes hire purchase, operating lease, finance lease solutions and block discounting.
Hitachi Capital (UK) PLC is a leading financial services company with over 30 years’ experience providing innovative finance solutions to enable consumers, SMEs, fleet owners, motor dealers and retailers to grow and prosper. Hitachi Capital has over 1,200 employees, nearly £4bn of assets and over 1 million customers across its four business units; Consumer Finance, Vehicle Solutions, Business Finance and Invoice Finance.
Hitachi Capital is a wholly owned subsidiary of Hitachi Capital Corporation, one of Japan’s largest non-bank financial institutions. Hitachi Capital Corporation is part of Hitachi Limited, the global manufacturing and technology firm. Manufacturing continues to be a key part of Hitachi Capital’s DNA, delivering complex products to high levels of customer satisfaction. Its corporate clients include some of the UK’s leading companies such as British Gas, Royal Bank of Scotland, B&Q and John Lewis.