Shawbrook has enhanced its CapEx Term Loan product, in a bid to offer greater flexibility for small and medium sized enterprises (SMEs).
Shawbrook increased the maximum loan from £100,000 to £150,000 and increased the maximum term from 3-years to 5-years.
These changes will allow Shawbrook to support SMEs with larger growth-orientated needs as well as offering customers greater flexibility on repayment.
Shawbrook originally developed the CapEx product to provide businesses with a simple solution to funding tangible and intangible capital expenditure investments that may not be suitable for traditional asset finance.
Brokers applying for the loan on behalf of their clients will experience automated decisions and same-day payouts on eligible cases.
Stuart Doignie, managing director of digital SME, said: “A little over a year ago we launched the CapEx Term Loan with the goal of filling a noticeable gap in the traditional asset finance market and we have been delighted with the response we have received.
“Over the last 12-months we have been able to support a wide variety of the nation’s small and medium sized businesses to push forward with their plans for growth.
“By increasing both the loan size and term limit, we will be able to expand the reach of the product, providing greater flexibility to a growing number of prospective customers.
“I would like to thank our broker community for their continued support and the feedback provided to help us evolve the product to better suit their clients’ needs.
“We will continue to develop and innovate our lending solutions to support the market going forward.”
