Credit, Collections & Insolvency News
Business lender White Oak has announced the appointment of Natasha Powell as Director of Risk & Compliance. Powell will take the lead on managing the firm’s regulatory compliance risk framework as part of White Oak’s commitment to regulatory excellence. The role will involve identifying, assessing, and reporting on risks; providing oversight and challenge to the…
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The Finance & Leasing Association (FLA) and the British Vehicle Rental and Leasing Association (BVRLA) have asked the Government to amend the Super Deduction initiative to boost investment in plant and machinery by extending it to include leasing and plant hire, two of the most common ways that these assets are acquired by businesses. In…
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New research commissioned by commercial data and analytics provider Dun & Bradstreet has found 45% of 250 UK-based CFOs and finance leaders surveyed are embracing new technologies to increase efficiencies and 43% plan on improving their data quality as they look to increase their ability to manage disruption in 2021. The survey focused on strategies…
Read moreUK Finance’s latest Business Finance Review figures have shown that gross lending to small and medium-sized businesses across the UK totalled £63.6 billion last year, some 162% higher than 2019. This underscores a significant rise in demand for finance as businesses responded to the pandemic. Government-backed lending schemes, alongside other loan and overdraft facilities, have…
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White Oak Leases & Loans has announced that it is strengthening its executive team in the UK with the hires of a Chief Risk Officer and Chief Credit Officer. Nick Isaacs has been hired as Chief Risk Officer of White Oak Leases & Loans and is responsible for the implementation and execution of lending strategies…
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Latest Government figures have shown that the banking and finance industry has provided more than £75 billion in finance to over 1.6 million UK businesses through government-backed coronavirus lending schemes according to newly published HM Treasury data. Lenders have provided finance to over 30,600 businesses through Bounce Back Loans over the past month, bringing the…
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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 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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