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) grew in April 2023 by 12% compared with the same month in 2022. In the first four months of 2023, new business was 13% higher than in the same period in 2022. The…
Read more
Latest data from UK Finance has indicated that in the first quarter lenders saw a rebound in applications for both loans and overdrafts, with banks reporting quarter-on-quarter growth of 20% and 11% respectively with the increases may indicating that SME demand for finance is turning a corner. The weak levels of demand for finance from…
Read more
Time Finance has announced the appointment of Thomas Ludden as Business Development Manager (BDM) in its Invoice Finance team. Ludden joins the alternative finance provider with over 14 years’ experience in Invoice Finance. He enjoyed roles in both client services and business development at Bibby Financial Services, before moving to Giant Pay (Outsauce) whereby he…
Read more
Equipment finance specialist Kennet Equipment Leasing has announced a partnership with Leasepath, the cloud-first Intelligent Workplace Finance Origination (LOS) and Customer Engagement (CRM) platform built for asset finance1. Part of the Star Asset Finance network, Kennet has adopted the true cloud Leasepath platform across the entire enterprise, giving them a centralised hub to empower their…
Read more
New research from Aldermore has revealed the investment and growth plans of small and medium-sized enterprises (SMEs) in the UK. Despite the ongoing cost-of-living crisis, SMEs plan to spend an average of £321,000 on growth strategies over the next year. One in eight (12%) SMEs plan to spend over £1 million investing in growth. A third…
Read more
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2023 by 14% compared with the same month in 2022. In Q1 2023, new business was also 14% higher than in Q1 2022. The business new car and commercial vehicle…
Read more
New data from Time Finance has shown the growing popularity of invoice finance amongst the B2B business community, with demand predicted to rise throughout the year as SMEs set out to stabilise their finances. The new insight shows that invoice finance is ranked highest amongst alternative finance solutions, with 32% of financial intermediaries stating that…
Read more
The value of outstanding bank loans to SMEs fell by £14 billion in the last year, from £209 billion to £195 billion, with banking turmoil following the collapse of Credit Suisse and SVB threatening to further reduce access to funding according to ACP Altenburg Advisor. In contrast, loans to large businesses increased by £14.7 billion,…
Read more
SME fintech, Triver has announced it has raised £7 million equity from investors with an aim to revolutionise how small businesses can access finance. Leveraging Open Banking data and sophisticated AI, Triver funds SMEs’ short-term working capital needs, underwriting the risk of small business borrowing instantly and automatically. Faster and more easily than high street…
Read more
Invoice finance and ABL advisory firm, Loxbear Advisory, has strengthened its team with the appointment of Director, Tansy Cunningham. Cunningham has more than 20 years’ experience within the invoice and trade finance industry, gained from past positions in leadership, operations, risk and relationship management at Bibby Financial Services, Time Finance and Metro Bank. In those…
Read more
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in February 2023 by 20% compared with the same month in 2022. In the first two months of 2023, new business was 13% higher than in the same period in 2022. The…
Read more
A report by Oxera commissioned by SME lender Allica has found that proposed changes to UK bank capital rules could result in a £44 billion drop in lending to SMEs. The research suggests that the Prudential Regulatory Authority (PRA) could put up to £44 billion of SME lending at risk. In November 2022, the PRA…
Read more
UK Finance has reported that a loss of confidence resulted in lower SME borrowing in Quarter 4 (Q4) 2022. The report showed that gross lending by the main high street banks totalled £18.4bn over 2022. Due to economic uncertainty and rising interest rates, SMEs were more cautious in the latter half of the year with…
Read more