Credit, Collections & Insolvency News
The 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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Following the Chancellor of the Exchequer’s announcement on 27th April, the Bounce Back Loans Scheme opens for applications from today (Monday 4th May) Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the…
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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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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak. The new CBILS lenders are…
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The banking and finance sector has provided over £2.8 billion of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance. Total lending under CBILS has doubled in the week from 14…
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New research from Intuit QuickBooks, has indicated that the majority (71%) of SMEs have not yet taken any action to address financial stability. The findings are echoed comments from Minister for Small Business Paul Scully who has urged small business owners to go back to their banks if they were originally put off by the…
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The Chancellor of the Exchequer today announced details of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).. The new scheme will be delivered by lenders accredited by the British Business Bank, the new scheme provides finance to mid-sized and larger UK businesses with turnover above £45m (the upper limit for the existing smaller-business focused CBILS).…
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UK Finance has announced that a total of £1.1 billion in coronavirus support funding has been loaned to 6,020 SMEs so far. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applications submitted. Analysis shows that just 2.6% of the money available has…
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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 7% in February 2020 compared with the same month in 2019. The IT equipment finance and plant and machinery finance sectors reported new business up in February 2020 by 10% and…
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