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So, what counts as an ‘equipment loan’?

Bira members often ask us whether they can get a loan for something, unsure about what comes under our equipment loans ‘umbrella’. Well, as always, if you are unsure, it’s best that you contact the bank team and they will be happy to take your request into consideration. However, in order to clear things up, we will be listing a few things that you might be considering that we can provide competitive equipment loans for.

1) Lighting

The winter months are when lighting is crucial to success. During this time, our bulbs, spotlights, tubes and panels, not to mention street, emergency and decorative lights are putting in the long shift. Lighting is typically the second biggest energy cost for businesses, with the nation’s retailers spending around £1.2 billion to power lights.

Upfront costs for a full store re-fit can be daunting. 71% of independent retailers polled by The Grocer in 2016 cited this aspect as their biggest turn-off from upgrading. However, a move to LED is one of the most cost-effective investment measures, often paying back in under 3 years.

If you are looking to upgrade your lighting to a more efficient, energy-saving option, we can finance the costs to make the process smooth and easy.

2) Computers and EPOS systems

Technology is updating faster than the speed we can open our wallets and purses, and with computers and software that is swiftly becoming outdated and no longer meeting the requirements of the modern retailer, it is no wonder that Bira members are asking whether we can provide finance for this kind of equipment. The answer is yes. As long as it meets the minimum loan requirement of £2000, we can help purchase any computer equipment including EPOS systems that help your business keep up to date with the modern consumer.

With a loan from Bira Bank, you could borrow £10,000 over 36 months and only pay £304.44 per month. This makes purchasing new computer systems affordable and with our low promotional rates, it’s a no brainer!

3) Machinery

Machinery is a vital part of many independent retailers’ businesses and a loan from Bira Bank could be all you need to set up a brand-new aspect of your business. Perhaps you’d like to make your own merchandise and require a loan for a good quality T-shirt printer? Maybe you have a key cutting machine that doesn’t work as well as it used to and need an upgrade? Well, we can help finance all sorts of machinery that can benefit your business which make something that seems too expensive, affordable.

4) Air conditioning

We are aware that this is slightly out of season, however, it might just be the best time to prepare for next year. As the winter months approach and air conditioning becomes less needed, prices tend to slide which could be the perfect opportunity to purchase air conditioning at a good price. Bira Bank is able to finance your purchase under our equipment loan umbrella, making your out of season purchase even more affordable.

Why invest in your business?

In the current financial climate, business owners are less likely to invest in their businesses, however, we believe that it is currently the best time to invest. Independents that upgrade and innovate are the ones that will survive and thrive. Whether that is with new technology that keeps them up to date with the expectations of the market, with practical equipment that will help to improve efficiency or with tools that can help you produce a new income stream, your business needs to innovate to grow.

On 1st January 2019, the Government increased the maximum amount of the Annual Investment Allowance (AIA). Since January 2016, the rate of AIA has been £200,000. However, in order to stimulate business investment in the economy, the Government has increased the rate to £1,000,000 to give incentive for businesses to invest in plant or machinery until 31 December 2020. If you want to find out more about the AIA, click here.

Contact Bira Bank

If you are ready to grow your business, contact David or Frank on 03330 048 048 or email and they will be happy to discuss your requirements. We will always provide a personal service and you will never be put through to a call centre.