Credit, Collections & Insolvency News
The British Business Bank has appointed Louis Taylor as its new Chief Executive Officer. Taylor is currently CEO of UK Export Finance, the UK government’s export credit agency. Taylor joined UK Export Finance in 2015, enjoying a stellar career which saw the department provide its highest level of support for UK exporters in 30 years…
Read more
New research from Aldermore has found that over half (54% or 2.1 million) of all UK small and medium-sized enterprises (SMEs) have been impacted by the ongoing supply chain crisis in the last 12 months. Persistent supply chain problems have continued to plague businesses, as a result of a number of factors including labour shortages,…
Read more
One in three UK-based small and medium-sized enterprises (SMEs) who sought access to finance were denied in the last year, according to new research from Yolt, Europe’s rapidly accelerating smart payments and data enrichment platform. This resulted in an estimated £3.7bn lost in potential funding for UK SME’s. The research found that in the last…
Read more
New data from Time Finance reveals peace of mind, flexibility and supporting cashflow to be the top three benefits of having an Invoice Finance facility, according to UK business owners. As well as this, 42% of UK business owners told Time Finance that Invoice Finance gives them more financial freedom, whilst one in four said…
Read more
The Insolvency Service has announced a ban for consultancy Director who abused Covid-19 financial support scheme. Richard Milne, from Kingston-upon-Thames was Director of Langshot Ltd, a small consultancy incorporated in 2016. He applied for a £30,000 Bounce Back Loan on behalf of the company in May 2020 despite the company accounts showing annual turnover of…
Read more
Credit information provider, CRIF has announced that it has partnered with invoice financing provider Penny to utilise open banking to enable invoice payments. The new service utilises CRIF’s Credit Passport®, which uses open banking data to provide a real-time, secure way of speeding up the decisioning process for lenders and providing transparency and advice for…
Read more
The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…
Read more
According to new research conducted by Time Finance, more than 70% of financial intermediaries believe their clients will need some form of funding support over the next 6 months to deal with and overcome the economic challenges that 2022 continues to throw at them. The findings come as many of their SME clients face supply…
Read more
Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…
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 2022 by 13% compared with the same month in 2021. In Q1 2022 as a whole, new business was 7% higher than in the same quarter in 2021. The IT…
Read more
New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…
Read more
Nearly one in three (30%) brokers believe the UK SME lending market has returned to levels seen before the outbreak of the Covid-19 pandemic according to research by Iwoca. Whilst nearly another third (31%) believe the market will return within 6 months, based on the number of loan requests they had each month before the…
Read more
Time Finance has announced that it has appointed Helen Wheeler as Head of Operations in its Invoice Finance team. Wheeler brings over 25 years’ experience to the role and will assume responsibility for overseeing operations and helping the team to continue to deliver a market-leading Invoice Finance service to UK business owners. Prior to Time…
Read more