JCB Finance has launched a new £60 million fund to support farm machinery purchases.

The new scheme offers customers purchasing farm machinery the opportunity to buy now and pay later on machines delivered by the end of the year. Its launch comes as figures reveal that farm borrowing has increased by almost 10%.

JCB Finance MD Paul Jennings said: “The months of December and January are traditionally quiet months for many of our customers, when income can be lower but the usual bills still have to be paid.

“Our new ‘Buy Now Pay Later’ scheme for machines delivered by 31st December 2014 will help reduce our customers’ bills and improve their cash flow as the 3 year hire purchase payments only need to start in March 2015. With £60 million available under this scheme it is an opportunity not to be missed.”

Mr Jennings also pointed out that by selecting a Hire Purchase facility customers could still be eligible to take advantage of the Government’s £500,000 Annual Investment Allowance (AIA) scheme.

Mr Jennings said: “This is the equivalent of a 20%-45% discount depending on the business’ rate of tax. What better way to invest in farm machinery than with a great tax and cash flow advantage courtesy of the Government and JCB Finance."

JCB Finance Ltd is regulated and authorised by the Financial Conduct Authority and has a 44 year track record of working closely with its customers, helping them improve their cash flow by offering cost effective and tax efficient forms of funding for farm machinery, cars and commercial vehicles. With a turnover of £815m JCB Finance is a major funder of the UK’s agricultural machinery. JCB Finance is not a tax or financial advisor.