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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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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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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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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Commercial Loans expected to lead recovery for businesses

According to new research conducted by Time Finance, more than 70% of financial intermediaries believe their clients will need some form of funding support over the next 6 months to deal with and overcome the economic challenges that 2022 continues to throw at them. The findings come as many of their SME clients face supply…

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Government approach to Covid business support will cost taxpayer billions

Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…

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Lending to small businesses hits all-time low, with six in ten impacted by late payment   

New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…

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One in three brokers say business lending market has returned to pre-pandemic levels

Nearly one in three (30%) brokers believe the UK SME lending market has returned to levels seen before the outbreak of the Covid-19 pandemic according to research by Iwoca. Whilst nearly another third (31%) believe the market will return within 6 months, based on the number of loan requests they had each month before the…

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Time Finance appoints Head of Operations

3rd May 2022 Appointments | #appointments

Time Finance has announced that it has appointed Helen Wheeler as Head of Operations in its Invoice Finance team.  Wheeler brings over 25 years’ experience to the role and will assume responsibility for overseeing operations and helping the team to continue to deliver a market-leading Invoice Finance service to UK business owners. Prior to Time…

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Bibby and Azets announce SME partnership

International SME funder, Bibby Financial Services (BFS), and regional accountancy and specialist SME business advisory firm, Azets, have announced a strategic partnership to provide whole-turnover invoice finance facilities.  The agreement will see BFS become Azets’ preferred partner for funding facilities up to £250,000, enabling its network of 3,500 accountancy and advisory specialists to access working…

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Asset finance falls by 2%

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in February 2022 by 2% compared with the same month in 2021. In the first two months of 2022, new business was 5% higher than in the same period in 2021. The…

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