Partner profile

Close Brothers Asset Finance

11th Floor Tolworth Tower, Ewell Road, Tolworth, Surbiton, Surrey, KT6 7EL
01244 459798

About us

Close Brothers Regional Growth Fund
Asset Purchase Scheme 

Close Brothers Asset Finance (CBAF) has been granted an award from the Government’s Regional Growth Fund (RGF), a £3.2 billion Fund operating across England from 2011 to 2016. CBAF will receive £40 million from the fund in addition to the £15 million previously received which has supported SME investment in selected areas. To qualify for RGF support an SME must commit to either recruiting new employees or safeguarding jobs. CBAF has created the “Close Brothers RGF Asset Purchase Scheme” which enables qualifying businesses to receive a grant towards a deposit on new investment, of up to 20% of the value of the investment dependent on the size of the business and number of jobs being created/safeguarded.

We offer

Could you be eligible?

> Are you planning to purchase an asset but are unable to finance the necessary deposit? 
> Are you unsure as to whether you could afford the monthly payment on the asset?
> Are you a small or medium sized business with fewer than 250 employees and turnover under £35 million? 
> Through the proposed investment will you be creating additional jobs or safeguarding jobs which would otherwise have been lost?

We support

  • Avon
  • Money
  • People
  • Investment
  • Cornwall
  • Somerset


Key features and benefits:

> RGF monies take the form of a grant 
> Approximately 12 months after your loan starts, you will be required to get formal confirmation from your company’s auditors that the commitment you made to either create or safeguard jobs has been fulfilled. 
> The investment will be financed by CBAF on either a hire purchase or lease basis. You will negotiate mutually acceptable terms with your local CBAF Area Sales Manager. 
> The level of available grant is based upon the: 
- Size of your business 
- The amount of the investment 
- Whether you could get funding for this purchase without RGF funds 
- The number of full-time equivalent (FTE) jobs being safeguarded or created as a result 
- As the beneficiary, you have to commit to creating or retaining a number of FTE jobs based upon the amount of RGF grant received. One job must be created or retained for every £10,000 of grant received, up to a maximum of £500,000 

Example: Your business is investing £100,000 + VAT in a new machine tool. As a result you will create 2 additional jobs. You could be eligible for a grant of up to £20,000 towards the deposit for the new investment. 

What are your next steps? 

We have a network of asset finance professionals located across the UK. To find out more, please contact us using the contact details above.

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