Credit, Collections & Insolvency News
Analysis by Purbeck Insurance Services shows that owners of SMEs have more than £1.2 billion of personal liabilities linked to emergency pandemic support loans, with 1,587 directors agreeing to such terms when taking on credit through the Coronavirus Business Interruption Loan Scheme (CBILS). The report, which comes after a Freedom of Information request from the…
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A new survey by the Finance and Leasing Association (FLA) has indicated that the asset finance, consumer finance and motor finance industry sees opportunities for growth over the next year despite the heightened uncertainty caused by the latest restrictions to deal with the Covid-19 pandemic. The association surveyed its members with respondents divided on the…
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Business funding specialist Decimal Factor has chosen to use LendingMetrics’ Auto Decision Platform (ADP) for its assisted decisioning to orchestrate credit decisioning data and scale its business. Decimal Factor specialises in arranging responsible funding solutions, including business loans, pension-led funding and invoice finance. Its goal is to make funding available to small businesses who are…
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New research by Lloyds Bank Business Barometer has shown that overall business confidence fell by three percentage points to -7% in January, reflecting renewed concerns about the pandemic and the impact on trading prospects. As the current restrictions continue to have a significant negative impact on most firms 52% of companies have reported lower sales…
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Global Receivables Management company, Baker Ing has announced the appointment of Henry Barrowclough as its new Chief Revenue Officer. Barrowclough’s industry background over the last decade includes some of the largest and most innovative brands in the credit industry. Barrowcloughy joins Baker Ing during a sustained period of rapid growth for the company, bringing his invaluable…
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New HM Treasury figures have revealed that the banking and finance industry has approved nearly £71 billion to over 1.5 million businesses so far through government-backed coronavirus lending schemes. Over 39,000 small enterprises have received a Bounce Back Loan over the past month, with a total of 1.47 million businesses accessing the scheme since it launched in May last…
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New data published by the British Business Bank has revealed the regional distribution of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). More than 1.4 million loans have supported businesses and protected jobs across all sectors. The figures show that the retail and construction sectors have benefitted…
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New SME specialist bank, Recognise has announced the appointment of Anita Maclean to join their executive team. Maclean’s role will focus on the development and execution of the bank’s future strategy. Mclean will also work closely with the CEO, Jason Oakley and Deputy CEO, Bryce Glover on a range of key projects linked to the…
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Tens of thousands of businesses will receive insurance payouts covering losses from the first national pandemic lockdown. The ruling from the Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted…
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New figures released by the Finance & Leasing Association (FLA) have indicated that total asset finance new business (primarily leasing and hire purchase) fell by 10% in November 2020 compared with the same month in 2019. In the eleven months to November 2020, new business was 25% lower than in the same period in 2019.…
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Finance leaders expect a return to growth in 2021 with optimism rising to a record high, according to Deloitte’s latest CFO survey. Despite the surge in business optimism, half of CFOs do not expect demand for their own businesses to recover to pre-pandemic levels until the last quarter of 2021 or later. The Deloitte CFO…
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New data from UK Finance has revealed that gross lending to SMEs in the first three quarters of 2020 amounted to more than double the annual total for 2019, reaching £54 billion. The data, released as part of the quarterly Business Finance Review, shows that the UK banking and finance industry has delivered an unprecedented…
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Shawbrook Bank, a specialist lender to UK SMEs, has announced that it has completed an acquisition of RateSetter’s peer-to-peer funded development finance business with facilities totalling £167 million. The addition of the RateSetter business including the associated loan portfolio will add more than 100 new active clients to Shawbrook’s existing Development Finance customer base. The…
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