UK Finance’s latest Business Finance Review figures have shown that gross lending to small and medium-sized businesses across the UK totalled £63.6 billion last year, some 162%  higher than 2019. This underscores a significant rise in demand for finance as businesses responded to the pandemic. Government-backed lending schemes, alongside other loan and overdraft facilities, have…

Up to 58% of SMEs in need could be excluded from Recovery Loan Scheme according to research by Purbeck Personal Guarantee Insurance. The company warns that many SMEs could find themselves excluded from the Recovery Loan Scheme, with little option other than to access finance through personal guarantee backed loans – putting their home and…

A new government-backed loan scheme launches to provide additional finance to those businesses that need it. The scheme is offering loans of as much as 10 million pounds to businesses, the Treasury said. The government is providing an 80% guarantee for all loans, and interest rates have been capped at 14.99% — though they’re expected…

Bounce Back Loan Scheme (BBLS) fraud, where companies apply for multiple government-backed loans to exceed lending caps, could be far lower than anticipated and points to the success of the scheme and creditor checks, according to data from the latest Equifax Market Pulse series. Previous estimates of how much the BBLS could lose to fraud…

Peer to Peer lender, The House Crowd has entered administration. On 24th February, the Directors of The House Crowd, a regulated Peer-to Peer firm, placed the company into administration and appointed Frank Ofonagoro, Jeremy Woodside and Frank Wessely of Quantuma Advisory as joint administrators. The House Crowd, formed in 2012, operated a Peer to Peer…

New HM Treasury figures have revealed that the banking and finance industry has approved another £2 billion of business loans over the past month, with the figure now rising to almost £73 billion to almost  1.6 million businesses so far through government-backed coronavirus lending schemes. Almost 29,500 Bounce Back Loans have been approved over the…

The volume of Government loans granted to help SMEs through the COVID-19 crisis will be having a potentially devastating impact on the availability of ‘traditional’ lending, causing alarm in the lender broker community according to new research by Allica Bank. The Bank suggests that SMEs could be starved of funding to fuel future growth because…

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