Credit, Collections & Insolvency News
The Finance & Leasing Association (FLA) has secured access for independent and non-bank lenders to the Coronavirus Business Interruption Loan Scheme (CBILS), allowing them to continue to run their business, support existing customers’ requests for forbearance, and to continue lending to new customers. Gaining access to CBILS funding means that many more firms can be…
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The Government has announced further measures to support firms impacted by Covid-19, including widening access to the Coronavirus Business Interruption Loan Scheme (CBILS) and creating a new scheme for larger firms. Launched on 23 March, today the Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded along with changes to the scheme’s features and…
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Financial services broker, Fiducia Group has launched a new asset finance division offering bespoke funding solutions to support businesses with their cashflow issues. With so many firms impacted by the ongoing coronavirus crisis, Fiducia Asset Finance provides access to a range of finance options, along with fast turnaround times of as little as three days.…
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Business finance lender MarketFinance sought the views of business owners following the wide-ranging measures announced by the Treasury recently. Despite the sizeable fiscal stimulus, more than two thirds (67%) believe funds will not reach them in time and they will run out of cash before Easter (12th April). Only half (52%) of UK businesses are…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided £11.1 billion of new business in January 2020, 2% higher than in the same month in 2019. Growth was driven by the consumer finance sector which reported new business up by 4% compared with January 2019. It was a…
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The Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. This supports the announcements made by the Chancellor earlier this week. The new mortgage guidance makes clear that firms should grant customers a payment holiday for an initial period of 3 months, where they may experience payment…
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The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
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Hundreds of thousands of British SMEs have been turned down for property finance in the past five years, a new study by Together has revealed. Nearly a quarter of small and medium-sized companies said they had struggled to find the funds to move or expand – with inflexible lenders and a shortage of suitable property…
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Equiniti Riskfactor and Codat have announced an SME lending partnership The partnership will see Equiniti Riskfactor and Codat allow SME customers to automatically share data with their lender, speeding up decision making. Equiniti Riskfactor will connect with Codat’s single API to digitise data collection for its clients, enabling small businesses to share data automatically, reducing…
Read morePeer to peer lender Assetz Capital has announced that it has surpassed the £1 billion mark for lending to SMEs and housebuilders across the UK since 2013. As part of its business lending, Assetz Capital has been a key supporter of the UK housing market, funding a total of 4,846 new homes since its inception.…
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British Business Bank’s Small Business Finance Markets 2019/20 report has highlighted a significant long-term growth in alternative finance volumes over the last five years, with a 32% increase in asset finance, a 131% increase in equity finance and a 374% increase in marketplace business lending. The British Business Bank was set up in 2014, with objectives…
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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) grew by 1% in December 2019, and by 6% in 2019 to reach a record annual total of £35.7 billion. In December, the IT equipment finance sector continued to report double-digit growth as…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases. 2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared…
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