Category: Farm Loan (page 3 of 5)

Will Coronavirus affect my loan?

8th April 2020 / admin / Comments Off

Loan and credit card payments to be frozen for three months in UK.

The financial regulator has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures for consumers impacted by the coronavirus outbreak. They have also announced plans to help businesses that are struggling in the current climate.

The new measures which could come into force by 9th April is aimed at consumers and renters who are not benefiting from existing relief measures that have targeted homeowners – with mortgage payment holidays – or business owners.

The FCA has advised that banks and credit card providers will have to ensure that consumer credit ratings are unaffected by any of the measures.

If you are looking for a loan or bridging finance for your business in the agricultural sector. Feel free to give us a call or email us today and we will be happy to help!

Starting a Farm – Mortgages and Finance

8th April 2020 / admin / Comments Off

Do you aspire to live in the country, where your partner will continue to work and you want to run a smallholding or are you starting a farm business?

Richmond Asset Finance often receives enquiries from customers who want to start a farm and we have the ideal farm loan for this type of scenario, whether short or long term Richmond Asset Finance can help.

Obtaining farm finance can be difficult, especially where accounting information may not be good enough for the banks.

You may qualify for finance on a long-term basis through Richmond Asset Finance, but we also have a great farm selection of loan products that fits the bill for a farm start-up.

What is farm finance?

An all embracing term we use to describe all types of farm and agricultural finance we arrange in the rural and country business sectors, which can also be described as agricultural finance, equestrian finance, land finance and horticultural finance, a farm mortgage or farm loan. Farm finance can be provided for farms of any size (with our without a farmhouse), holiday complexes, caravan parks, caravan sites, estates, land, buildings, working farms, non-working farms, nurseries, garden centres, smallholdings, estates, fisheries, farm shops, riding schools and generally all manner of rural properties or in some cases not so rural.

Why Richmond Asset Finance?

A well-established and reputable company.
A great team that will help you with every query you may have.
Hands on and experienced.
We work in partnership with our customers to help them achieve their goals.
References are readily available.

Richmond Asset Finance adding value to your farm equipment

23rd March 2020 / admin / Comments Off

Richmond Asset Finance offer financing solutions for farm equipment manufacturers and suppliers in the processing, handling, and storage industries. Plus commercial and retail finance solutions so that distribution partners and authorised dealers have an efficient global distribution network.

Richmond Asset Finance is an all embracing business and we cover all types of farm and agricultural finance we offer to the rural and country business sectors and which can also be described as Agricultural Finance, Equestrian Finance, Farm Finance, Land Finance and Horticultural Finance. Finance can be provided for holiday complexes, caravan parks, caravan sites, properties with agricultural restrictions, land, buildings, working farms, non-working farms, and generally all types of rural type situations.

What purpose might be appropriate for farm finance?

Any legal purposes including but not being limited to repaying debt, repayment of an overdraft, diversification, working capital, business start ups, reducing outgoings, purchases of any kind and development of property or development of business.

Richmond Asset Finance are one of the most reputable sources of rural & farm finance in the UK. We guide and advise you throughout your application process, making sure your individual needs and circumstances always come first. Although we co-operate with a diverse range of banks and financial institutions, we are above all, independent. This means we always tailor a solution that best meets your requirements, not the banks.

We provide farm finance and refinance solutions, bridging finance packages, impartial advice, support and a level of customer service envied by our competitors.

UK banks set out details of Covid-19 mortgage holidays

20th March 2020 / admin / Comments Off

Households hit by coronavirus will not lose credit ratings if they delay payments as the government gives a 3-month mortgage holiday.

The unpaid interest will still be recovered later, but individual credit ratings will not be affected.

The Guardian has suggested that ‘firms will help customers the best way for the individual, but an automatic payment holiday may to always be the most suitable approach and may not be required by all customers’.

Full payment of the arrears will still assume an eventual full repayment of arrears. While a person is taking a payment holiday, the interest that would have been paid will still rack up, and the capital sum of the loan remains.

These holidays are not a long term solution but they are designed to help the temporary income shortfall. If this is a smooth and seamless process that will enable homeowners to self-isolate without having to worry about their mortgage payments then clearly it is a significant move in the right direction.

The Economic Impact of the Coronavirus Pandemic

17th March 2020 / admin / Comments Off

Shoppers across the country British shoppers have been greeted by empty shelves where toilet paper or canned food are usually stocked due to panic and bulking buying.

Shops are now opening earlier to allow elderly to do their shopping and doing their best keep up with the booming demand for certain products like cleaning supplies or toilet paper, but experts say all consumers have a role in making sure basic goods are available for everyone who needs them.

Most economists expect the long term hit to businesses and consumer spending because of COVID-19 will have long-term ramifications for the greater economy and potentially lead to a recession.

The chancellor, Rishi Sunak has unveiled a package of financial measures to shore up the economy against the coronavirus impact.

It includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered.

Manage Seasonal Fluctuations

10th March 2020 / admin / Comments Off

In business, seasonal fluctuations refer to the peaks and troughs in demand that correspond with different times of year. Most SMEs will experience this at some point, but certain industries can be subject to greater variations due to the nature of their trade. This is especially important during this time with the coronavirus pandemic effecting most businesses nationwide.

The upside is that these shifts are usually predictable, which allows companies to plan ahead and put measures in place to ensure they can fulfil customer requirements however as people and businesses are now learning, it’s not always that easy. It is prudent to review what your business can do to manage cyclical demand effectively.

Here are a few things you can do to control changes in the economic market.

Manage cash flow

During peak seasons, try to reserve cash for the quieter months so you have sufficient funds available all year round or in times of need. Aim to plan at least six months ahead by using historic sales data to forecast levels of supply and demand, although, cases like this are hard to predict. This will help you to better recognise trends in consumer behaviour and account for this in your sales projections.

Control inventory

Regularly monitoring levels of stock can reduce wastage and therefore save costs. Coincide orders with peak periods, so your company does not have surplus stock when business is slow.

Identify workforce needs

Establish how many employees you need in any given shift, month or season to maximise efficiency and organise staff contracts to reflect business levels. Employing temporary staff can provide additional support during busier periods and this strategy can also keep costs down during quieter months. This may apply to supermarkets and the NHS during this period when they need as much support as possible.

Review payment terms

Long payment terms and overdue client invoices can put a strain on your cash flow. Requesting shorter credit periods may prompt customers to pay for goods and services quicker, giving you adequate working capital to continue trading.

Tips for improving your HGV’s fuel efficiency

17th February 2020 / admin / Comments Off

Whilst you can’t control the price of fuel, you can control the amount you use with these driving tips for better fuel efficiency.

HGVs can guzzle up fuel, which isn’t only bad for your business’ budget, but also for the environment.

HGV drivers can learn to improve their vehicle’s fuel efficiency by making a few simple changes to their driving habits, here’s how.

Use cruise control

Most modern HGVs are equipped with a cruise control function for keeping the vehicle running at a constant speed. Reducing unnecessary fluctuations using cruise control can help you to save a significant amount of fuel.

Plan the route

Careful route planning can help you to get from a to b quickly and efficiently, preventing you from using unnecessary fuel whilst getting lost and taking detours. It can also help you to avoid routes featuring sharp inclines which require more fuel to navigate.

Reduce speed

The speed that you drive at can have a significant impact on the amount of fuel that your HGV uses. Studies have shown that reducing your speed to an average of 50mph on the motorway can help to reduce fuel consumption by up to 20%!

Don’t idle

Whilst it may be tempting, particularly on very cold days, to keep your engine idling and your heater and radio switched on when you are stationery, this is one of the worst ways to waste fuel!

Avoid braking sharply

Hitting the brakes sharply and rapidly accelerating can both eat up fuel far faster than driving at consistent, steady speeds. Simply paying closer attention to what is happening ahead of you on the road and anticipating when to brake sooner can make for a smoother ride, use less fuel, and reduce the risk of an accident.

Sometimes, if you’re driving a very old HGV, then the most effective way of increasing its fuel efficiency is to upgrade to a newer model.

If you require financial help or advice with upgrading your HGV, speak to our team here at Richmond Asset Finance by giving us a call on 0113 288 3277. We provide a range of flexible vehicle finance and asset finance services.

Maintenance tips to prolong your tractor’s lifespan

31st January 2020 / admin / Comments Off

Your tractor is likely to be one of your business’ most expensive assets, so it’s important to take the time to care for it to extend the lifespan of your investment.

These quick and simple tractor maintenance tasks can help to keep your tractor running costs down and prevent damage to prolong your tractor’s lifespan.

Regular inspections

One of the most important things you can do to look after your tractor is take the time to inspect its condition regularly. This will help you to spot any signs of wear or damage early on and take steps to repair it and prevent further damage. Check your tractor’s manufacturer’s manual for advice on how frequently it requires servicing and specific maintenance tasks to be carried out.

Store in a dry place

When your tractor is not in use it should always be stored in a dry place where it is protected from the elements. Being exposed to moisture for prolonged periods can cause your tractor’s parts to rust and corrode, causing damage and shortening its lifespan.

Clean the air filter

Your tractor stirs up a lot of dirt and dust as it is working, so it’s important to keep any eye on its air filters and clean them regularly. Blocked air filters can cause a build up of debris to gather on your tractor’s internal components, causing them to fail and shortening your tractor’s lifespan.

Top up the oil and coolant

Your tractor requires coolant to prevent it from overheating and oil to lubricate its moving parts. Without either of these liquids you could find yourself faced with expensive damage to your tractor’s engine. Create a maintenance schedule to help you to remember to check the levels of these important fluids regularly and top them up when necessary.

Check the tyre pressure

Without the right level of tyre pressure your tractor could end up working harder than it needs to. Check what the correct tyre pressure is in the manufacturer’s manual and get into the habit of checking the pressure regularly to keep your tractor operating efficiently and protect it from damage.

If you require help or advice with financing a new tractor, speak to our team here at Richmond Asset Finance. We provide a range of flexible agricultural finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.

Benefits of wheeled excavators over truck-mounted excavators

25th January 2020 / admin / Comments Off

Could upgrading from a truck-mounted excavator to a wheeled excavator make your business more efficient?

Wheeled excavators are easy and affordable to operate and transport from one area to another. They are ideal for use in a variety of fields including forestry, construction, farming, landscaping and demolition. Their mobility also makes them an attractive choice for small contractors.

The core functionality of a wheeled excavator is just the same as a truck-mounted excavator, but instead of being mounted onto a truck they move around independently on their own wheels.

Long-term cost savings – Whilst the initial outlay for a wheeled excavator tends to be a little higher than for a truck-mounted one, they offer more long-term savings as they don’t require additional vehicles or machinery to move them from one site to another. Fuel costs for transporting a wheeled excavator are usually lower than a truck-mounted excavator too.

Increased lift capacity – Wheeled excavators typically have a better lift capacity than truck-mounted excavators, particularly when using a two-piece articulated boom.

Movability – Rather than having to be transported by a large, lumbering truck, wheeled excavators can simply be driven across the site or on the road from one location to the next, usually by the same person who operates them. The small and nimble size of the wheeled excavator also makes it more agile and manoeuvrable when working on-site, allowing it to work efficiently in tight spaces.

Versatility – Wheeled excavators are available with a variety of different attachments, including the mono-boom, two-piece boom, dozer blade, rototilt, cleanout bucket, and outrigger. The huge variety of attachments available for wheeled excavators makes them extremely versatile and reduces the need to invest in multiple machines.If you require help or advice with financing an excavator, speak to our team here at Richmond Asset Finance. We provide a range of flexible vehicle finance and asset finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.

Ideas for supplementing your farm income during the festive season

28th December 2019 / admin / Comments Off

Cash-in on Christmas by diversifying your farm business during the festive season.

According to NatWest, two thirds of farms have now diversified their business to generate alternative revenue streams throughout the year and boost their income.

Many farms that have successfully diversified report that their additional ventures have become a vital part of their business.

Whilst the winter months are typically much quieter for agricultural businesses, with a little creativity they can offer excellent opportunities for exploring new business ideas.

Here are a few of our favourite ideas for diversifying your farm business during the festive period.

Holiday letting

Many families and friends book holidays and weekends away to meet up and celebrate together over the Christmas holidays. Rather than letting unused land or farm buildings stand empty and unused during the winter months, why not convert them into holiday lettings. This can be particularly lucrative if your farm is in a scenic location.

Grow Christmas trees

Nothing beats the smell of a real pine Christmas tree, and according to the British Christmas Tree Growers Association over 7 million trees are sold in the UK each year. Choose a type of fir tree that will thrive in your farm’s land and soil type and start growing fir trees to sell locally each Christmas.

Run Christmas events

If you’ve got the land and buildings, why not run a series of festive events for the public in the lead up to Christmas? Popular activities and events could include turning a kids’ petting zoo into Santa’s grotto, running kid’s Christmas craft activities or adult wreath making workshops.

Turkeys and geese

Rearing free-range turkeys and geese can provide an additional source of income around Christmas time when demand for high quality meats for Christmas dinner soars.

To find out if you can apply for rural finance to help with your diversification project, get in touch with our team here at Richmond Asset Finance to discuss your plan in more detail.

How can telematics improve your commercial fleet’s efficiency?

12th December 2019 / admin / Comments Off

Installing telematics in your business’ commercial vehicles could help to significantly improve your fleet’s performance and efficiency.

Telematics are small boxes that are fitted inside commercial vehicles to collect valuable data and information.

This information can then be used by your business to monitor vehicle and driver performance.

Just some of the information and data that can be monitored using telematics includes:

Fuel consumption
Speed
Driving patterns
Routes taken
Vehicle performance

You can then work together with your fleet drivers to make changes to the way they work in order to improve performance in several key areas including:

Efficiency – Telematics can be used to help drivers to work more efficiently by choosing the fastest routes and avoiding traffic. A more efficient fleet will also reduce operating costs by increasing fuel efficiency.

Safety – Telematics can help to flag up unsafe driving habits including harsh breaking or accelerating and speeding. Ensuring that your drivers are driving safely can help to reduce costly damage to vehicles and the risk of accidents occurring.

Vehicle performance and maintenance – Set up your telematics to send alerts about your vehicles’ performance to help you to keep on top of maintenance tasks to reduce the need for repairs and keep your vehicles running smoothly.

Operating costs – By honing driver and vehicle performance using the data gathered by telematics you could significantly reduce your fleet’s overall operating costs. This is achieved primarily by improving fuel efficiency, reducing the number of accidents, and keeping up with vehicle maintenance.

Driver job satisfaction – Telematics provide fleet drivers with the data they need to perform better in their jobs. Providing your drivers with modern telematics technology can help to make their jobs easier and more rewarding, resulting in happier, more productive employees.

If you require financial help or advice with updating your commercial fleet, speak to our team here at Richmond Asset Finance by giving us a call on 0113 288 3277. We provide a range of flexible vehicle finance and asset finance services.

CNG Fuels to provide UK’s HGVs with first carbon neutral fuel

5th December 2019 / admin / Comments Off

A carbon neutral fuel will soon be available to businesses running HGVs to help them to dramatically reduce their carbon emissions.

Based in the West Midlands, CNG Fuels are the UK’s top supplier of environmentally friendly bio-CNG (compressed natural gas).

The firm recently announced that they would be launching a new carbon-neutral fuel for heavy goods vehicles in 2021.

The new fuel will use manure to produce carbon neutral biomethane. Manure gives off the powerful greenhouse gas methane, but by using this methane as fuel it prevents it from entering the atmosphere.

With HGVs accounting for 4.2% of the UK’s carbon emissions, the introduction of a carbon neutral fuel has the potential to significantly reduce the UK’s overall emissions.

Philip Fjeld, CEO of CNG Fuels said: “We want to help decarbonise freight transport and enable fleet operators to meet net zero targets now, supporting the UK’s climate targets.”

CNG Fuels already supplies many businesses operating HGVs with a renewable biomethane fuel sourced from food waste. The company has become the fuel supplier of choice for several large companies including John Lewis, Hermes, Asda and Argos.

The company reports that switching from diesel to bio-CNG can reduce greenhouse gas emissions by up to 85% and cut fuel costs by 35-45%, making it a win-win for businesses operating HGVs.

CNG Fuels are also developing a network of public HGV refuelling stations on major routes throughout the country to support electric and hydrogen powered HGVs in the future.

Need some help financing new HGVs for your business? Here at Richmond Asset Finance we provide a range of flexible vehicle finance and asset finance services.

For more information or to discuss your requirements in more detail, give our team a call on 0113 288 3277.

Fleet management tips for a more efficient fleet

29th November 2019 / admin / Comments Off

Fleet managers are responsible for employing techniques and processes to help maintain a productive and efficient fleet.

An efficient commercial fleet will get the job done quickly and cost-effectively with minimal hassle. Maintaining an efficient fleet of vehicles is no simple feat though, it is a process that requires constant monitoring and continual improvement.

Use the tips in this blog to reduce running and maintenance costs and increase your fleet’s efficiency.

Service vehicles regularly

Keeping on top of vehicle servicing and maintenance will keep your fleet looking great and running efficiently whilst also helping to prevent costly accidents and breakdowns.

Recruit experienced and professional drivers

Driver behaviour and habits can have a big impact on fuel efficiency and the amount of maintenance a vehicle requires. Only recruit experienced drivers with excellent references and make it a habit to give all drivers regular training and feedback on performance.

Use telematics

Telematics collect data about driver and vehicle performance to help you to monitor driver performance for training purposes. This data should then be regularly reviewed and used to help drivers to adopt safer and more efficient driving techniques.

Invest in the right vehicles

Choosing vehicles that are best suited to your business’ specific requirements will have the biggest impact on your fleet’s efficiency.

Just some of the factors you should pay careful attention to when shopping for a new vehicle are:

Size – An unnecessarily large vehicle will waste fuel.
Type of journey they suit – Will your vehicles be travelling short or long distances? Some vehicles will be more efficient for short journeys and others for long distance journeys.
Emissions – The more environmentally-friendly your vehicles are, the less tax you will be required to pay.

It’s also important to recognise when updating your fleet is the most cost-effective option.

How to prepare your commercial fleet for winter

20th November 2019 / admin / Comments Off

Prepare your fleet of commercial vehicles for the colder weather to keep them running efficiently through the winter months.

Treacherous wet, icy and windy weather can pose significant problems for drivers and fleet managers during the winter.

The key to keeping your fleet operating smoothly during this time is good preparation.

Service

Putting your fleet through a thorough inspection or service prior to the cold weather kicking in can help to pick up any problems or damage to the vehicles. Making sure your fleet is in tip-top condition and are all topped up with engine oil and wiper fluid can help to prevent accidents and costly down-time once the bad weather hits.

Inspect tyres

When inspecting your vehicles, be sure to pay careful attention to the condition of the tyres which need to be in excellent condition to manage wet and icy roads. Look out for signs of damage or excessive wear and make sure they are pumped up with enough air.

Winter tyres

Many fleet managers use winter tyres if their fleet are likely to be visiting remote areas frequently. Winter tyres have better grip and can help to reduce the risk of accidents and breakdowns in ice and snow.

Educate drivers

One of the best ways to keep your fleet safe during the winter is to educate your drivers in how to drive in poor weather conditions. Refreshing their knowledge of safe stopping distances and how to adjust their driving for snow and ice can help to minimise breakdowns and accidents.

Emergency packs

Always make sure that your fleet are kitted out with winter survival packs for when they’re out on the road. At minimum, all emergency kits should contain a blanket, de-icer, scraper, torch, high visibility jacket, and extra screen wash.

If you have concerns about the condition or efficiency of any vehicles in your fleet, then it can be a good idea to update them before the winter season.

JCB’s fully electric compact digger wins prestigious award

7th November 2019 / admin / Comments Off

JCB’s fully electric compact digger has won the construction industry’s prestigious Dewar Award for ‘Outstanding Technical Achievement in the British Automotive Industry’.

The one-ton digger is thought to be the world’s first ever fully electric compact digger and represents a breakthrough for the industry in combating emissions and climate change.

The RAC’s Dewar Award is only awarded during years where the committee believe there are worthy contenders. This is JCB’s second win, as they also received the trophy in 2006 for their diesel land speed record-breaking JCB Dieselmax car powered by two JCB engines.

John Wood MBE, chairman of the Dewar Technical Committee, said: “Awarding the 2019 trophy to JCB was a unanimous decision by the Dewar Technical Committee. It represents a bold commitment to the introduction of novel technology in the off-road sector.”

JCB’s 19C-1E electric digger is now in full production and has already sold over 200 units. The digger can do a full day’s work on a single charge, produces zero emissions and is five times quieter than its diesel equivalent.

The 19C-1E is ideal for using inside cities to reduce noise and air pollution and for building projects taking place indoors or in enclosed spaces.

As the impact and consequences of climate change become more severe worldwide, the construction industry is under increasing pressure to review the effects that their equipment, machinery and vehicles are having on the environment.

If you require help or advice with financing electric diggers, excavators, or commercial vehicles, speak to our team here at Richmond Asset Finance. We provide a range of flexible vehicle finance and asset finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.