Credit, Collections & Insolvency News
International technology-led services and payments specialist, Equiniti Group has announced the launch of an enhanced Know-Your-Customer (KYC) service for asset-based and invoice finance lenders. Equiniti’s dual automated and managed service helps lenders efficiently address the increasing KYC demands brought on by evolving regulation. Furthermore, the service provides futureproof access to third-party data sources through universal…
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Optimum Finance has announced that its Founding Director and Chief Executive Officer (CEO) and veteran of the invoice finance sector Richard Pepler sadly passed away on 5th June 2020. The Optimum Finance team, supported by investors JRJ Group, have expressed their sincere condolences to Richard’s family. Richard was well-known and much-loved in the industry and…
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More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes. Figures published by HM Treasury has revealed that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected…
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Nimbla and Dancerace have announced that have partnered to increase SMEs’ access to credit insurance when they apply for invoice finance. The move is designed to help increase SMEs’ confidence at a time when many firms are facing increased defaults by customers. Credit insurance, or Bad Debt Protection (BDP), protects businesses by insuring their outstanding…
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A survey conducted by commercial data and analytics firm Dun & Bradstreet found that prior to the coronavirus outbreak only 22 percent of small and medium sized enterprise (SME) respondents viewed securing funding for future growth as a key business priority. With latest figures on COVID-19 related loan schemes suggesting that the pandemic has increased…
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Latest figures released by the Treasury have revealed that lenders have approved over £31.3 billion to over 745,000 businesses through government-backed schemes. In the past week alone, more than £3.8 billion in lending has been provided to 94,000 firms through these schemes. More applications have been received and are expected to be approved in the…
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Latest figures published by HM Treasury have revealed how the banking and finance sector is helping businesses of all sizes get through these tough times. Lenders have approved £27.5 billion to more than 650,000 businesses so far through the three major government-backed lending schemes. The industry is providing an unprecedented level of support to businesses…
Read moreThe British Business Bank has announced that it has approved six new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS). New lenders Bibby Financial Services, iwoca, Scania Financial Services, Triodos Bank UK, Ulster Community Investment Trust (UCIT), and Woodsford TradeBridge will be able to provide financial support to smaller businesses across the…
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The Government has announced that it will extend the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CBILS) from £50 million to £200 million. The maximum loan size increase will help ensure those large firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility (CCFF) have enough…
Read moreLatest figures published by HM Treasury today show that the banking and finance industry has approved over £22 billion in loans to more than half a million (505,040) businesses so far through the three major government-backed lending schemes. In the past week alone lenders have provided over £7 billion to businesses through the Bounce Back…
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The British Business Bank has announced that it has approved two new lenders for accreditation to offer Covid-19 business loans to small businesses across the UK. Tide will join the sixteen other lenders who have been accredited to the Bounce Back Loan Scheme (BBLS) since the scheme opened last week. Alternative finance lender Liberis has…
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The government published new statistics that show businesses have to date benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis through schemes delivered by the British Business Bank. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption…
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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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