Johnson Reed raised £14.4 million in loans and finance in 2020, providing support for hundreds of SME businesses, and it plans to double that figure in 2021.
The equipment finance and loan specialist says it wants to give more businesses the opportunity to get off the ground, grow and expand, and is confident that trade will come back for British businesses.
From March to December, the company also raised over £6 million in CBILS loans for UK SME businesses, helping them to re-invest, pay bills and prepare for various lockdowns and challenges.
With funding 100% government-backed and rates capped at 14.99%, this finance offered a crucial lifeline to businesses, as well as allowing them to strengthen their companies. In many cases, Johnson Reed was able to negotiate rates from 3%, well under the agreed CBILS limit of 14.99%.
It also raised £1.5 million in CBILS asset financing, enabling a large number of businesses wanting to finance and re-finance equipment to give their companies an injection of cash, or purchase new or upgraded kit to improve their service and offering.
CEO Mark Johnson, Johnson Reed comments: “2020 was a challenging year for all of us, it left us wondering where to turn and what to do, which is frightening when you’re a business owner and you’ve got bills to pay.
“Our team have been working round the clock since last March to get businesses back trading, and if not trading, investing for the future. I firmly believe that trade will come back bigger and stronger than ever, and the prospect of that is exciting. We’re seeing so many business owners investing in the future now as they look to grow and progress despite the events of the last year. We’re going to keep supporting businesses with a message of hope, that trade will come back, and it will be worth it.”
“Our priorities for the new year haven’t changed, we are committed to providing our ongoing support for small businesses, we want to see trade thrive again, allowing our suppliers and clients to continue doing what they do best.”