One in five SMEs that needed external finance were unable to access it

More than one in five (22%) small and medium sized enterprises (SMEs) that needed external finance and/or capital over the last couple of years were unable to access it according to research by Manx Financial Group. Over a quarter (27%) have had to stop or pause an area of their business because of a lack…

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Hampshire Trust Bank appoints Asset Finance Sales Director hire

27th June 2022 Appointments | #appointments

Hampshire Trust Bank (HTB) has announced the appointment of Bill Moffat as Sales Manager within its Asset Finance division. Moffat brings over 20 years of experience in the asset finance sector industry, having previously worked as director of corporate sales at Advance Finance & Leasing Ltd for 13 years. Prior to that, he spent four…

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Asset finance new business falls by 16%

21st June 2022 Asset Finance | #asset finance

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in April 2022 by 16% compared with the same month in 2021. In the first four months of 2022, new business was 1% higher than in the same period in 2021. The…

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Bank lending decreases as CBILS and BBLS end

Outstanding bank lending to small businesses in the hospitality sector has fallen by more than £1.4 billion since the end of the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). Overall Bank lending dropped to £14.6bn in April 2022, down from £16.08bn in March 2021, according to analysis by Hazlewoods. There…

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Covid business loans saved hundreds of thousands of jobs

An official evaluation of the government-backed pandemic £78 billion loans schemes has found that they could have saved up to 2.9 million jobs. The research, commissioned by the British Business Bank, estimated that between 146,000 and 505,000 businesses that took out Bounce Back loans might have gone under without the support, up to a third…

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SME lending trends indicate gradual return to normal

UK Finance’s latest Business Finance Review has indicated a gradual return to normal lending trends across SMEs during the first quarter of 2022. The research found a modest uptick in demand for cashflow finance through overdrafts and invoice finance and asset-based lending – as a consequence of both the end of Covid-19 restrictions and the significant…

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British Business Bank appoints new CEO 

10th June 2022 Appointments | #appointments

The British Business Bank has appointed Louis Taylor as its new Chief Executive Officer. Taylor is currently CEO of UK Export Finance, the UK government’s export credit agency. Taylor joined UK Export Finance in 2015, enjoying a stellar career which saw the department provide its highest level of support for UK exporters in 30 years…

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Supply chain crisis costing SMEs £3.9bn

9th June 2022 Business Lending | #SME costs

New research from Aldermore has found that over half (54% or 2.1 million) of all UK small and medium-sized enterprises (SMEs) have been impacted by the ongoing supply chain crisis in the last 12 months. Persistent supply chain problems have continued to plague businesses, as a result of a number of factors including labour shortages,…

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One million SMEs denied access to finance last year

One in three UK-based small and medium-sized enterprises (SMEs) who sought access to finance were denied in the last year, according to new research from Yolt, Europe’s rapidly accelerating smart payments and data enrichment platform. This resulted in an estimated £3.7bn lost in potential funding for UK SME’s. The research found that in the last…

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Research highlights invoice finance positives

New data from Time Finance reveals peace of mind, flexibility and supporting cashflow to be the top three benefits of having an Invoice Finance facility, according to UK business owners. As well as this, 42% of UK business owners told Time Finance that Invoice Finance gives them more financial freedom, whilst one in four said…

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Ban for Director who claimed £30,000 Bounce Back Loan he was not entitled to

6th June 2022 Business Lending |

The Insolvency Service has announced a ban for consultancy Director who abused Covid-19 financial support scheme. Richard Milne, from Kingston-upon-Thames was Director of Langshot Ltd, a small consultancy incorporated in 2016. He applied for a £30,000 Bounce Back Loan on behalf of the company in May 2020 despite the company accounts showing annual turnover of…

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CRIF launches open banking invoice financing service

Credit information provider, CRIF has announced that it has partnered with invoice financing provider Penny to utilise open banking to enable invoice payments.  The new service utilises CRIF’s Credit Passport®, which uses open banking data to provide a real-time, secure way of speeding up the decisioning process for lenders and providing transparency and advice for…

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Value of UK business loans written off by banks nearly doubles

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…

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