Credit, Collections & Insolvency News
The Government has paid out £7.39bn to settle bad Covid-era loans, with £2.23bn more in arrears and £750m in default. With data showing that the Government paid out £1.2bn to settle pandemic emergency loans that had gone bad in Q2, Department of Business, Energy and Industrial Strategy figures suggest taxpayers could ending up paying £11.5bn…
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New figures released by the Finance & Leasing Association (FLA) have shown that total asset finance new business (primarily leasing and hire purchase) grew in July 2023 by 14% compared with the same month in 2022. In the seven months to July 2023, new business was also 14% higher than in the same period in…
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The Government has been slow to take action to recover losses to error and fraud in Covid 19 grant schemes of over £1 billion according to a report by the Public Accounts Committee (PAC) The report found that three years on from the provision of £22.6 billion in business support schemes in the pandemic, the…
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Two-thirds (65%) more businesses are experiencing difficulty in accessing finance from high-street banks than they were in 2022* as mainstream lenders pull away from the SME market, according to new data from Sonovate. These challenges are now so acute that two in five (39%) UK businesses say that, due to funding being so hard to access,…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in June 2023 by 18% compared with the same month in 2022. In the first half of 2023, new business was 15% higher than in the same period in 2022. The business…
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Research from Bibby Financial Services (BFS) has found that women SME owners are more likely than men to suffer cashflow challenges, undermining their growth and ambitions. Only half (49%) of women business owners report that their cashflow is stable and meets their needs, compared to a significantly higher two thirds (66%) of male respondents. In…
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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 in May 2023 by 13% compared with the same month in 2022. In the five months to May 2023, new business was also 13% higher than in the same period in 2022.…
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Two in five (40%) small and medium sized enterprises (SMEs) have had to stop or pause an area of their business because of a lack of finance over the last couple of years – a significant increase from 27% of SMEs recorded in last year according to new research commissioned by Manx Financial Group. The…
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The cross-party Treasury Committee has launched an inquiry into the challenges faced by small businesses when seeking finance. In the wide-ranging new inquiry, the MPs will investigate the accessibility of finance, the role of financial innovation in business lending, and the role of the Bank of England’s Term Funding Scheme, credit reference agencies and Government…
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Access to finance is becoming a critical issue for UK small businesses, with new research finding that more than half (53%) would have to put plans on hold if they were unable to secure finance. The research from Novuna Business Finance underlines how important access to finance is for the small business sector at a…
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Difficulty accessing capital is forcing nine in ten (91%) of mid-sized businesses to curb growth plans, according to the latest research from accounting and advisory firm BDO. The bi-monthly survey of 500 leaders of medium-sized businesses, which looks at the challenges and opportunities facing UK companies, reveals nearly one in four (24%) are being…
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Independent invoice finance provider, Bibby Financial Services (BFS) has announced that its has acquired Aldermore’s Working Capital Finance division. The move will see the working capital finance companies integrate into BFS operations over the coming weeks. Derek Ryan, UK Managing Director of Bibby Financial Services said “We are delighted to announce the acquisition of Aldermore’s…
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Equity finance provision for SMEs fell sharply in the second half of 2022, according to the British Business Bank (BBB). The BBB said 2022 was a tale of ‘two halves’ with a record level of investment in businesses in the first two quarters followed by a decline driven by concerns about potential overvaluations and a…
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