David Bunker, assistant MD of Close Brothers Asset Finance’s print division
Close Brothers Asset Finance has launched a new initiative to provide soft lending against digital print assets for SMEs in the UK print industry.
The product, which is subject to the status of the business, has been designed to help printers preserve cash and make faster decisions by providing funds for a digital asset without the need to provide any deposit or guarantees.
‘We’ve been listening closely to both customer and industry feedback,’ said David Bunker, assistant MD of Close Brothers Asset Finance’s print division. ‘And what we’re hearing is that printers want a finance product that is aimed squarely at the digital print market.
‘The traditional banking view is that digital engines represent little value; however, with this new product, we effectively underwrite the business and not the asset,’ he explained. ‘We’re looking to work with our industry partners to bring this product to the market and also see this offering helping package deals being funded where it might include digital finishing machines to compliment digital print engines.’
All types of new or ex-demo digital production printing machines will be considered for finance, from high-speed, high-capacity printers for commercial printers and in-house departments to continuous feed printers for high volume printing.
‘We’re encouraged to see Close Brothers Asset Finance come to market with a product that makes it easier to invest in digital print engines,’ commented Iain Stewart, managing director, Dorset Digital Print. ‘This is the kind of product that enables smaller businesses to expand into the digital market and develop new product ranges.’
More detail on the product will be available shortly on the Close Brothers website.
