Finance products

Hire Purchase

Hire Purchase is a great way to get what you need because you get to choose, use and manage the assets you need for your business over an agreed period, typically up to five years.

The regular instalments you pay as part of your agreement will cover: 

• The asset's depreciation
• Interest on the cost of the asset

At the end of the term, you get to choose to buy the asset and own it outright.

Refinance

Refinancing uses the value of assets you already own to help your business. With Sale and HP Back – a type of refinancing – you sell your equipment to us, and we lend you the money you need to invest in your business.

You pay us back in line with what the equipment earns for you. Once you’re done paying us back, you own the equipment again.

This works whether you own the equipment outright or are already financing it with someone else. 

Finance Lease

Think of Finance Lease as a long-term rental for business assets (or equipment, which is the same thing). Instead of buying the asset upfront, you pay rent to use it, with a flexible rental period to match your needs and cash flow fluctuations, which we know can change month-to-month. You cover the cost of the payments, including the agreed interest, for the duration of the rental period. 

At the end of the initial lease, you have various options available to you:

• Keep on using: Continue leasing the asset by extending the rental period – otherwise known as a ‘secondary rental period’
• Sell and earn: You can sell the equipment and keep a share of what the asset is sold for
• Return: Give the equipment back to us if you no longer need it or want to upgrade to something newer

Operating Lease

In common with Finance Lease, an Operating Lease lets you rent the asset from us for the duration you require it.

The main difference lies in the fact that an Operating Lease covers only a portion of the asset's total useful life meaning you pay a lower rental fee because it's calculated based on the difference between the asset's initial purchase cost and its residual value at the agreement's end.

You enjoy complete access to the asset for your required duration, without the obligation of managing its disposal or recovering its residual value.

Growth Guarantee Scheme

The Growth Guarantee Scheme (GGS) is designed to support access to finance for UK small businesses as they look to invest and grow.

The scheme aims to provide greater certainty over credit risk, enabling Close Brothers to provide finance to more viable smaller businesses that we wouldn’t otherwise consider. If Close Brothers can offer a commercial loan on better terms, we will do so.

Growth Guarantee Scheme backed facilities are provided at our discretion, and we must carry out standard credit and fraud checks for all applicants.