Credit, Collections & Insolvency News
Following the Chancellor of the Exchequer’s announcement on 27th April, the Bounce Back Loans Scheme opens for applications from today (Monday 4th May) Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the…
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Loan payment holidays are the main mitigation measure being used by small businesses to help sustain cashflow during the COVID-19 pandemic according to a snapshot of the market by Purbeck Insurance Services. 46% of the insurance provider’s policyholders are taking measures to manage their cashflow with loan repayments the top tactic being used by 47%. …
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New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
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The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Chancellor Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses…
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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak. The new CBILS lenders are…
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The banking and finance sector has provided over £2.8 billion of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance. Total lending under CBILS has doubled in the week from 14…
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Specialist asset-based lender Ultimate Finance has announced the appointment of two Regional Directors to its North West team to support the region through the COVID-19 pandemic and beyond. The company has hired brothers Stuart and John Davies as Regional Directors who between them have a combined 23 years of experience in the asset-based lending space…
Read moreSmall business loans platform, Funding Circle has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), term loan variant. Funding Circle expects to open CBILS applications within the next week once it has completed the required legal and operational approvals with the Bank. Keith Morgan, CEO, British…
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New research from Intuit QuickBooks, has indicated that the majority (71%) of SMEs have not yet taken any action to address financial stability. The findings are echoed comments from Minister for Small Business Paul Scully who has urged small business owners to go back to their banks if they were originally put off by the…
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The Chancellor of the Exchequer today announced details of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).. The new scheme will be delivered by lenders accredited by the British Business Bank, the new scheme provides finance to mid-sized and larger UK businesses with turnover above £45m (the upper limit for the existing smaller-business focused CBILS).…
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UK Finance has announced that a total of £1.1 billion in coronavirus support funding has been loaned to 6,020 SMEs so far. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applications submitted. Analysis shows that just 2.6% of the money available has…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 7% in February 2020 compared with the same month in 2019. The IT equipment finance and plant and machinery finance sectors reported new business up in February 2020 by 10% and…
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The Finance Leasing Association (FLA) has called on the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures to be released next week by the FLA will show that FLA members provided almost £141 billion of new business in the twelve months to February 2020, 2%…
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