Credit, Collections & Insolvency News
A new alternative lender focusing on providing credit and working capital funding to mid-market businesses has launched. Blazehill Capita says it will provide additional financial support to businesses when they are unable to get funding from traditional providers. The company says it will typically provide secured lending ranging from £5 million to £30 million per…
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Business Loan Network, a peer-to-peer business lending platform has been placed into administration. The company was incorporated and commenced trading in 2010 operating an electronic peer-to-peer platform, with retail and institutional lenders investing in secured business loans. In December 2019 the company took the decision to close the platform to new business and following…
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The UK is facing a two-year recovery, according to 61% of business leaders according to new research analysis by Kroll. The survey found that business leaders believe that it will take longer than the government predicts for the UK to get out of lockdown and the economy to bounce back to its pre-pandemic level. The…
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Specialist lender Cambridge & Counties Bank has appointed David Holton to the new role of Chief Transformation Officer. Reporting to Donald Kerr, Chief Executive Officer, Holton will be a member of the bank’s Executive Committee as well as chairing its Business Change Committee. As Chief Transformation Officer, Holton will lead on a wide range of…
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EQ Credit Services has announced that it will provide its technology to the Development Bank of Wales to support Welsh businesses with their commercial funding needs post-pandemic. The Development Bank of Wales has seen a 72% increase in loan customers as a result of the Covid-19 Wales Business Loan Scheme. EQ Credit Services will provide…
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The Finance & Leasing Association (FLA) and the British Vehicle Rental and Leasing Association (BVRLA) have asked the Government to amend the Super Deduction initiative to boost investment in plant and machinery by extending it to include leasing and plant hire, two of the most common ways that these assets are acquired by businesses. In…
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New research commissioned by commercial data and analytics provider Dun & Bradstreet has found 45% of 250 UK-based CFOs and finance leaders surveyed are embracing new technologies to increase efficiencies and 43% plan on improving their data quality as they look to increase their ability to manage disruption in 2021. The survey focused on strategies…
Read moreUK Finance’s latest Business Finance Review figures have shown that gross lending to small and medium-sized businesses across the UK totalled £63.6 billion last year, some 162% higher than 2019. This underscores a significant rise in demand for finance as businesses responded to the pandemic. Government-backed lending schemes, alongside other loan and overdraft facilities, have…
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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 February 2021 compared with the same month in 2020. The plant and machinery finance and commercial vehicle finance sectors reported new business up in February by 14% and 8%…
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Up to 58% of SMEs in need could be excluded from Recovery Loan Scheme according to research by Purbeck Personal Guarantee Insurance. The company warns that many SMEs could find themselves excluded from the Recovery Loan Scheme, with little option other than to access finance through personal guarantee backed loans – putting their home and…
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White Oak Leases & Loans has announced that it is strengthening its executive team in the UK with the hires of a Chief Risk Officer and Chief Credit Officer. Nick Isaacs has been hired as Chief Risk Officer of White Oak Leases & Loans and is responsible for the implementation and execution of lending strategies…
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A new government-backed loan scheme launches to provide additional finance to those businesses that need it. The scheme is offering loans of as much as 10 million pounds to businesses, the Treasury said. The government is providing an 80% guarantee for all loans, and interest rates have been capped at 14.99% — though they’re expected…
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Bounce Back Loan Scheme (BBLS) fraud, where companies apply for multiple government-backed loans to exceed lending caps, could be far lower than anticipated and points to the success of the scheme and creditor checks, according to data from the latest Equifax Market Pulse series. Previous estimates of how much the BBLS could lose to fraud…
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