Credit, Collections & Insolvency News
Lloyds Banking Group Motor Finance and Leasing has announced two new senior appointments. Meryem Brassington has been appointed as Electrification Propositions Lead whilst Iryna Kocharova has been appointed as Head of Corporate Customer Journey and Sustainability. The bank says that the appointments reinforce the group’s commitment to a green transition, pledging to reduce the carbon…
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New HM Treasury figures have revealed that the banking and finance industry has approved another £2 billion of business loans over the past month, with the figure now rising to almost £73 billion to almost 1.6 million businesses so far through government-backed coronavirus lending schemes. Almost 29,500 Bounce Back Loans have been approved over the…
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Invoice finance firm Optimum Finance has announced the appointment ex-Microsoft Global Director, Gordon McIntosh, as Chief Technical Officer (CTO). Mcintosh has extensive experience with a decade working at Microsoft headquarters in Seattle, Washington. His most recent role at the tech giant was Global Director of Service Engineering for Microsoft’s Volume Licensing and OEM businesses in…
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Cerberus Receivables Management (CRM) has announced that it has made three new appointments and significant investment in a new Salford HQ, IT infrastructure and brand identity and website. To accommodate business growth, CRM has moved into a new larger North West HQ. Significant investment has also been made in the installation of a new IT…
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As the Government made vital funds available to support businesses through the deepest recession for 300 years, a lack of due diligence and robust ID verification left the door wide open to organised crime gangs to exploit the opportunity according to anti-money laundering (AML) solution provider, SmartSearch The company has called on lenders, brokers and…
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The volume of Government loans granted to help SMEs through the COVID-19 crisis will be having a potentially devastating impact on the availability of ‘traditional’ lending, causing alarm in the lender broker community according to new research by Allica Bank. The Bank suggests that SMEs could be starved of funding to fuel future growth because…
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Small businesses will be able to use a new, free and independent service to help them resolve disputes with their banks, in a boost for SMEs with the launch of the Business Banking Resolution Service (BBRS). The BBRS is a dispute resolution service set up to resolve disputes between eligible small and medium-sized businesses and…
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Research by debt specialist ACP Altenburg Advisory reveals that ‘normal’ lending to SMEs fell from £168 billion in December 2019 to £152 billion in December 2020, with emergency coronavirus funding through the Coronavirus Business Interruption Loan Scheme (CBLIS) and the Bounce Back Loan Scheme (BBLS) seeing almost £61 billion lent to such firms by December…
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A new report by the British Business Bank has revealed how private debt has become a valuable source of finance for smaller businesses across the UK since the 2008 economic crisis – with £18.4bn of lending in 2018 and 2019. Private debt is often the only or most viable funding solution for smaller businesses and…
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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) fell by 6% in December 2020 compared with the same month in 2019. In 2020 as a whole, new business was 23% lower than in 2019. The commercial vehicle finance sector reported new…
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Figures from EY ITEM Club show British businesses took on debt at more than twice the normal average growth rate since the coronavirus crisis began and are on course to have borrowed £ 61 billion by the end of 2021. EY forecasts a £26 billion rise in borrowing from banks this year – as much…
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The British Business Bank has announced that businesses will have greater flexibility to repay Bounce Back Loans, including the ability to extend the term from six to ten years and take a one-off payment holiday of up to six months, as further details of the Pay As You Grow facility. The Bank has set out…
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The Competition and Markets Authority (CMA) has stopped Clydesdale Bank from forcing small business customers to open a business current account with it to get a Covid-19 Bounce Back Loan. The CMA found that Clydesdale was in breach of legal undertakings that prohibit it, along with seven other of the UK’s largest banks, from requiring…
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