APPLIANCE Traders Limited (ATL) has launched a loan programme for small and medium enterprises (SMEs) to get equipment now and pay later.

ATL Unbeatable Credit will allow SMEs to access high-value commercial equipment and solutions, said Ian Neita, assistant deputy chairman of the ATL Group.

"We realise that ATL must facilitate purchases that will allow small business owners to afford products to move their business forward in the current economy," he said.

The loan programme works like hire purchase, but ATL Unbeatable credit for businesses would operate under the Bill of Sales Act, as in this instance, a company would want the financing.

With some SMEs expanding these days, Neita said businesses may need a generator, air-conditioning units, a water pump or industrial kitchen equipment, which are the kinds of products that are available under the ATL Unbeatable credit programme.

"We want to cater to start-ups and even those expanding, so income and employment can be generated in the industry," he said.

Once a purchase order is made, following checks by ATL to ensure the business has the right specifications, and a quotation is given, the financing is triggered.

In some cases, a deposit will be required while for others, ATL will provide 100 per cent financing, he said.

Though the programme was officially launched on Sunday, ATL has had in excess of 300 customers capitalise on the programme prior to that.

An entrepreneur who takes up the offer has payment terms from three to 36 months. This, according to the assistant deputy chairman, will facilitate the cash flow of the customer.

"Some persons want to extend their repayment period and others don't want to be in debt for too long," Neita said.

Customers who use the programme will get a longer period, up to two years, to use pre-approved credit limit.

"You can get an approved credit limit to buy from ATL and purchase what you want against that limit," Neita said.

What's more, a payment holiday is also given. Customers will be given a moratorium or a holiday.

"During certain times of the year, we understand that people will have other expenses," he said. "The holidays will facilitate that."

The company carries a number of products in the commercial, industrial and energy lines that are suitable for SMEs, Neita said.

ATL Unbeatable Credit is also available to individual customers.