Credit, Collections & Insolvency News
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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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 14% in October 2020 compared with the same month in 2019. In the ten months to October 2020, new business was 26% lower than in the same period in 2019. The…
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Following a concentrated period of uncertainty, new research from Hitachi Capital Business Finance found a significant proportion of small businesses are considering finance to enact their plans for 2021, as confidence gradually returns. Looking ahead to 2021, just over half (56%) of small business owners said they were considering taking finance for some of the…
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The demand for the government-backed CBILS loans is set to soar by UK businesses as their Bounce Back Loans dwindle and cash flow dries up, according to the latest MarketFinance business insights. The company says that of the businesses that applied for a Bounce Back loan (up to £50k) during the summer, they now have…
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Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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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 11% in September 2020 compared with the same month in 2019. In the nine months to September 2020, new business was 27% lower than in the same period in 2019. The…
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The Covid-19 pandemic will cause firms to borrow over five times the amount in 2020 than in 2019, with many unlikely to start repaying until 2022 with total stock of bank lending to businesses forecast to close 2020 at £493bn, an 11% year on year increase, due to firms borrowing heavily through the pandemic. EY…
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