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 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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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) – The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank. Following their approval, each lender will be putting in place the operations required to start lending under the scheme and will…
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The Finance Leasing Association (FLA) has called on the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures to be released next week by the FLA will show that FLA members provided almost £141 billion of new business in the twelve months to February 2020, 2%…
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UK manufacturers are facing a precarious future according to insights1 from fintech business lender MarketFinance. Over two thirds (68%) reported their order books have halved in the last 30 days. To compound matters, the majority (67%) have less than £50,000 cash and without any support will run out of money before the end of the…
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The Finance & Leasing Association (FLA) has secured access for independent and non-bank lenders to the Coronavirus Business Interruption Loan Scheme (CBILS), allowing them to continue to run their business, support existing customers’ requests for forbearance, and to continue lending to new customers. Gaining access to CBILS funding means that many more firms can be…
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Business finance lender MarketFinance sought the views of business owners following the wide-ranging measures announced by the Treasury recently. Despite the sizeable fiscal stimulus, more than two thirds (67%) believe funds will not reach them in time and they will run out of cash before Easter (12th April). Only half (52%) of UK businesses are…
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A new Coronavirus Business Interruption Loan Scheme (CBILS) has been opened to smaller businesses. The scheme can provide facilities of up to £5 million for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Although the Budget announced that an initial £1.2 billion of government-backed lending…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided £11.1 billion of new business in January 2020, 2% higher than in the same month in 2019. Growth was driven by the consumer finance sector which reported new business up by 4% compared with January 2019. It was a…
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Over two-thirds of UK SMEs (69%) have reported significant pressures on their cash levels according to latest insights from business lender MarketFinance. This is in large part down to businesses paying for supplies earlier than anticipated because of coronavirus-related stockpiling and fears of deeper disruptions to transport (road, air and rail) linkages. Additionally, on orders…
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British Business Bank’s Small Business Finance Markets 2019/20 report has highlighted a significant long-term growth in alternative finance volumes over the last five years, with a 32% increase in asset finance, a 131% increase in equity finance and a 374% increase in marketplace business lending. The British Business Bank was set up in 2014, with objectives…
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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) grew by 1% in December 2019, and by 6% in 2019 to reach a record annual total of £35.7 billion. In December, the IT equipment finance sector continued to report double-digit growth as…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases. 2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared…
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Small and medium-sized enterprises (SMEs) outside of London and the South East received two thirds of loans in the first three quarters of 2019, according to the UK Finance’s latest Business Finance Review. While eight out of ten loan applications by SMEs were approved, there were four per cent fewer loan applications in Q3 2019…
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