Time Finance and Novo agree digital enhancement partnership

20th May 2024 Asset Finance |

Asset finance solutions provider, Time Finance has announced the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions. The technology provided by Nivo also includes E-signature functionality. Enabling Time Finance to increase its E-signature document limit from £100k to £250k. Speaking of the partnership and the technology Time Finance has adopted,…

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Two-thirds of women SME leaders believe banks are less prepared to lend

Research from independent SME funder Bibby Financial Services (BFS) has found that women business leaders are facing gender inequality in commercial lending, which is hampering the growth ambitions of many SMEs. Data from BFS’s latest SME Confidence Tracker, which surveyed 1,000 UK SMEs, uncovered that two thirds (66%) of women business leaders believe that banks…

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Asset finance new business falls by 10%

15th May 2024 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 March 2024 by 10% compared with the same month in 2023.  In Q1 2024 as a whole, new business was at a similar level to Q1 2023. The business new car…

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Business lending is predicted to hit 2.8% in 2025

The EY Item Club has forecasted bank-to-business lending will to grow just 0.5% (net) this year, before rising to 2.8% (net) in 2025, as lower borrowing costs boost demand The analysis says lending to UK businesses will increase by 0.5% this year, having contracted by 2.1% in 2023. Looking ahead, growth in business lending is…

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Lack of funding means that 34% of businesses face risk of closure

A survey by invoice finance company Novuna Business Cash Flow has found that 34% of SMEs could cease trading if unable to secure funding. The figure contrasts sharply with the surprising revelation that 50% of SMEs have not sought any form of financial assistance since November 2023, despite the precarious position many find themselves in…

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Asset finance new business grew by 10% in February 2024

10th April 2024 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) grew in February 2024 by 10% compared with the same month in 2023.  In the first two months of 2024, new business was 9% higher than in the same period in 2023. The…

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Demand for SME finance increases

Latest UK Finance data has highlighted that £3.5 billion was lent to SMEs in the fourth quarter of 2023 – the first quarter not to see a fall since Q2 2022. Figures from banking trade body UK Finance show that lending to SMEs fell for a third consecutive year in 2023. Gross lending to SMEs…

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Asset finance new business grows by 8%

11th March 2024 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) grew in January 2024 by 8% compared with the same month in 2023.  In the twelve months to January 2024, new business was 12% higher than in the same period in 2023. The…

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Asset finance reached record high of £23.5bn in 2023

4th March 2024 Asset Finance | #asset finance

The British Business Bank’s Small Business Finance Markets 2023/24 report reveals that asset finance has grown for the third consecutive year, reaching a record high of £23.5bn in 2023, increasing by 7%/ The increase follows a rise of 11% in 2022 and 23% in 2021 and highlights the continued rebound in the asset class as…

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Asset finance grew by record 12% in 2023

14th February 2024 Asset Finance | #asset finance

New figures by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in December 2023 by 1% compared with the same month in 2022.  In 2023 as a whole, new business was 12% higher than in the same period in 2022. The industry supported investment…

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Nearly a third of small businesses planning new finance in 2024

9th February 2024 Alternative Business Lending |

A survey on the state of small business finances by Purbeck Personal Guarantee Insurance has uncovered that despite a turbulent year in 2023 with high inflation and geopolitical unrest knocking consumer confidence, almost a third of small businesses (31%) are making a good profit and 45% are in profit by a small margin.  18% say they are…

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Cynergy Business Finance appoints Sales Director

6th February 2024 Appointments |

Asset-based lending specialist, Cynergy Business Finance (CBF) has announced the appointment of Dave Green as Corporate Sales Director. Green, a well-known business finance professional in the North West, brings almost 25 years of experience within the asset-based lending sector, having previously worked as a Business Development Manager for nearly 15 years at RBS Invoice Finance,…

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Asset finance new business grew by 12% in November

17th January 2024 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) grew in November 2023 by 12% compared with the same month in 2022.  In the eleven months to November 2023, new business was 13% higher than in the same period in 2022. The…

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