Credit, Collections & Insolvency News
The Treasury has announced that applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme will now be open until the end of January. The extension, which carries support before the previous end point of 30th November, also applies to the Future Fund, an initiative…
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Latest figures from HM Treasury have revealed that the UK’s banking and finance industry has supported over 1.4 million businesses across the country through government-backed Coronavirus lending schemes. Lenders have approved over 73,000 facilities through the CBIL scheme and over 1.3 million business owners have benefited from the Bounce Back Loan scheme. For larger businesses,…
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The British Business Bank has published Future Fund data that gives a detailed picture of the 745 companies that have been approved for £770.8m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 1,243 applications in total since the scheme was launched. The data reveals, 42% of funding…
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An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…
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Latest figures from UK Finance have indicated that gross lending of £34.5 billion in the second quarter was, in a single quarter, 50 percent more than the annual total in 2019. Figures also showed that ,more than a million businesses had applications approved for finance under Government schemes by the end of June. Un-utilised overdraft…
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A fully-charged fintech sector can drive SME growth after Bounce Back Loan scheme closes according to business lender Iwoca. The CEO of the business lender has outlined the need for the fintech industry to be strengthened so it can support the growth of small and micro-businesses after the Bounce Back Loan scheme closes at the…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…
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A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…
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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 22% in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business contracted by 31% compared with the same period in 2019. The…
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Latest figures from the HM Treasury have shown that almost £53 billion of credit has been issued through the Government’s emergency coronavirus lending schemes, with more than 1.23 million businesses benefitting. Around £35.5 billion has been approved through the bounce back loan scheme for small companies, with £13.7 billion provided to over 60,400 businesses through…
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The COVID-19 pandemic is expected to see business lending grow by 14.4% this year – the highest level in 13 years – according to an EY ITEM Club Interim Bank Lending Forecast. Additional bank finance (including government-backed loans) has been crucial to UK corporates and SMEs during the pandemic, and it is predicted that firms…
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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 41% in June 2020 compared with the same month in 2019. In the first half of 2020, new business fell by 32% compared with the same period in 2019. The business…
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