£1.5 billion consumer lending giant HITACHI CAPITAL pledges to support the engine of the economy

March 6, 2013 - PRLog -- In response to the Bank of England’s reports on the failure of some of its participating banks and building societies to increase loans to small businesses under the Funding for Lending Scheme, Hitachi Capital Consumer Finance today announced the immediate launch of a multi-million pound loan fund, available exclusively to support the UK’s sole trader market.

UK finance specialist Hitachi Capital’s expansion into asset-based loans, will fill a real need, with the figures showing that lending to the small business and sole trader sector actually shrunk by £2.4bn in the final quarter of 2012.  The new fund, initially £25million, will provide asset loans from £2.5k to £15k for the UK's 3 million sole traders, including plumbers, builders and other small traders such as independent cafes and bars to purchase equipment, vehicles and tools.

Gerald Grimes, managing director at Hitachi Capital and chairman of the FLA said: “It is the first time in our 30 year history of providing billions in consumer finance that we have entered the trade loan sector. It is extremely disappointing that some of the banks have accessed £13.8billion pounds of cheap Funding for Lending Scheme finance and failed to pass this onto hard working professionals who are the engine room of the economy. The scheme aims to boost the flow of loans and at the moment, it is not living up to expectations.

“I believe one of the key issues is the complexity of the credit approval process. Our new fund for hardworking sole traders will cut though this barrier to finance and offer a simple online application, designed to get capital moving and support the UK's 3 million small traders. This sector of the small business market notoriously finds bank borrowing difficult and we are determined to fill this vital gap in funding and kick start the UK economy.”

Gerald Grimes, managing director of Hitachi Capital Consumer Finance and chair of the Consumer Finance Committee for the Financing and Leasing Association is available for interview.

For more information please visit http://www.hitachicapital.co.uk/tradeloan/

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Notes to editor

Founded in 1982 Hitachi Capital Consumer Finance is the leader in providing innovative in store and web-based point of sale finance solutions to the UK retail sector, but they also help small businesses. With over 30 years of experience in personal lending, you can rely on them to provide a straightforward and reliable loan to buy the equipment or even the wheels for your business.

Hitachi Capital Consumer Finance is part of Hitachi Capital UK (PLC), which in turn is part of Hitachi Ltd, one of the most respected companies trading in the world today. Additional information about the Trade loan from Hitachi Capital is available at www.hitachicapital.co.uk/tradeloan

Trade Loan detail:
•   Apply for and sign your loan online – no paper!
•   Borrow from £2,500 to £15,000
•   Repay it over any term from 12 to 60 months
•   Use it to purchase an asset for your business
•   No fees
•   "Trade Loan" is an unsecured personal loan and the individual is responsible/ liable for the repayment

FOR FURTHER INFORMATION:

Please contact Tom Hemingway or Charlotte Hurley at Hatch Communications on 01943 855630 or email tomhemingway@hatchpr.co.uk  /  charlottehurley@hatchpr.co.uk