Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 16% in January 2021 compared with the same month in 2020. The plant and machinery finance sector reported a fall in new business of 3% in January compared with the same…
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Lloyds Banking Group Motor Finance and Leasing has announced two new senior appointments. Meryem Brassington has been appointed as Electrification Propositions Lead whilst Iryna Kocharova has been appointed as Head of Corporate Customer Journey and Sustainability. The bank says that the appointments reinforce the group’s commitment to a green transition, pledging to reduce the carbon…
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New HM Treasury figures have revealed that the banking and finance industry has approved another £2 billion of business loans over the past month, with the figure now rising to almost £73 billion to almost 1.6 million businesses so far through government-backed coronavirus lending schemes. Almost 29,500 Bounce Back Loans have been approved over the…
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The volume of Government loans granted to help SMEs through the COVID-19 crisis will be having a potentially devastating impact on the availability of ‘traditional’ lending, causing alarm in the lender broker community according to new research by Allica Bank. The Bank suggests that SMEs could be starved of funding to fuel future growth because…
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A new report by the British Business Bank has revealed how private debt has become a valuable source of finance for smaller businesses across the UK since the 2008 economic crisis – with £18.4bn of lending in 2018 and 2019. Private debt is often the only or most viable funding solution for smaller businesses and…
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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 6% in December 2020 compared with the same month in 2019. In 2020 as a whole, new business was 23% lower than in 2019. The commercial vehicle finance sector reported new…
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Figures from EY ITEM Club show British businesses took on debt at more than twice the normal average growth rate since the coronavirus crisis began and are on course to have borrowed £ 61 billion by the end of 2021. EY forecasts a £26 billion rise in borrowing from banks this year – as much…
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A new survey by the Finance and Leasing Association (FLA) has indicated that the asset finance, consumer finance and motor finance industry sees opportunities for growth over the next year despite the heightened uncertainty caused by the latest restrictions to deal with the Covid-19 pandemic. The association surveyed its members with respondents divided on the…
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New data published by the British Business Bank has revealed the regional distribution of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). More than 1.4 million loans have supported businesses and protected jobs across all sectors. The figures show that the retail and construction sectors have benefitted…
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New figures released by the Finance & Leasing Association (FLA) have indicated that total asset finance new business (primarily leasing and hire purchase) fell by 10% in November 2020 compared with the same month in 2019. In the eleven months to November 2020, new business was 25% lower than in the same period in 2019.…
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New data from UK Finance has revealed that gross lending to SMEs in the first three quarters of 2020 amounted to more than double the annual total for 2019, reaching £54 billion. The data, released as part of the quarterly Business Finance Review, shows that the UK banking and finance industry has delivered an unprecedented…
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Parliament’s Public Accounts Committee has today has published a report into the Bounce Back Loan Scheme (BBLS) set up to help businesses at the height of the coronavirus (Covid-19) pandemic. The new report contains six key findings: The Government was not sufficiently prepared to support micro-businesses despite the economic impact of the pandemic being a known risk…
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The Government is planning to launch a replacement for the Covid loans programme with new state-backed guarantees to support lending by banks to SMEs.. Under plans still being finalised, the new Government scheme could guarantee up to 80 per cent of loans of up to £10 million for businesses that are deemed viable but unable…
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