UK business borrowing on course to fall sharply

UK net business borrowing is on course to fall sharply over 2021 as firms pay down existing debt far faster than predicted, according to the latest EY ITEM Club for Financial Services Forecast. The forecast estimates that net bank lending to UK businesses will fall to minus £1.6bn over 2021, following £35.5bn net being lent in 2020,…

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British Business Bank responds to NAO report on Bounce Back Loans

7th December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. The British Business Bank stepped up to deliver the Bounce Back Loan Scheme on behalf of Government to ensure…

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£28bn in Covid loans paid out before anti-fraud measures started

3rd December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…

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P2P loans increasing competition with traditional banking

European countries with stable and developed economies are leading in terms of consumer and business lending according to researchby Robocash. The complete digitalisation of the financing process becomes one of the most important advantages of Peer 2 Peer (P2P) loans compared to traditional banks. Germany leads in consumer lending among other European countries due to…

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Access to finance jeopardising job creation

Almost half of small businesses across the UK (49%) are relying on securing finance to help them fulfil their growth plans for the year ahead. After three consecutive quarters when small business outlook has remained unchanged (with 34% of business owners predicting growth), the new Business Barometer study from Hitachi Capital Business Finance suggests access…

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SMEs turn to Recovery Loan Scheme as they focus on growth

New research by iwoca’s has found that SMEs are turning to the Recovery Loan Scheme as they focus on company growth. The company’s Index reveals that over a third (35%) of brokers reported the top motivator for applying for unsecured finance was to ‘grow the business’ – a 12 percentage point increase from the previous…

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Aryza launches digital transformation product for SMEs

29th September 2021 Alternative Business Lending |

Insolvency, credit and debt recovery software solutions provider, Aryza has announced the launch of a new SME Open Finance product called Vantage. Combing various data sets, Vantage is the first B2B2C platform that delivers actionable insights within a customer permissioned environment that allows all parties to benefit from its shared components. It offers a best-of-breed…

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SME buy-now-pay-later product launches

21st September 2021 Alternative Business Lending |

Investment firm Fintex Capital, has launched an innovative suite of buy-now-pay-later (BNPL) lending products aimed at established businesses seeking smart and cost-efficient debt financing and new avenues of growth. Over the past six months, Fintex has developed a range of bespoke BNPL products for creditworthy businesses, to help them access new markets and unlock value…

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Emergency loan scheme reversed alternative lending growth

7th September 2021 Alternative Business Lending |

Analysis by Innovate Finance has found that the pandemic had reversed years of growth among alternative lenders and resulted in large banks significantly increasing their market share. The fintech industry body said the emergency Bounce Back Loan Scheme saw £47.3 billion worth of state-backed credit channelled to more than 1.5 million companies. However, because non-bank…

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2021 Credit & Collections Technology Awards shortlist and Think Tank announced

2nd September 2021 Alternative Business Lending |

The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…

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Embedded finance creating faster loan applications for small businesses

17th August 2021 Alternative Business Lending |

New data from small business lender specialist, iwoca has revealed how embedded finance will play a vital role for small businesses as they look to recover from the pandemic. In Q1 2021, iwoca data shows that 50% of customers who applied through an embedded finance partner received a lending decision in less than two minutes,…

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One in three brokers see rise in demand for unsecured finance

15th July 2021 Alternative Business Lending |

Demand for unsecured finance from SMEs is on the rise, according to iwoca’s quarterly SME Expert Index of UK brokers. The index, which covers a four-week period in May, found that over a third (38%) of brokers had submitted more lending applications for unsecured finance compared to the four weeks prior to that, suggesting that…

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Judges confirmed for 2021 Credit & Collections Technology Awards

The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…

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