Credit, Collections & Insolvency News
Latest figures from the HM Treasury have shown that almost £53 billion of credit has been issued through the Government’s emergency coronavirus lending schemes, with more than 1.23 million businesses benefitting. Around £35.5 billion has been approved through the bounce back loan scheme for small companies, with £13.7 billion provided to over 60,400 businesses through…
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New data released by the Treasury has revealed that £51.7 billion was lent to businesses via the Government’s emergency coronavirus loans funding schemes. Lending under the bounce back loan scheme accounted for £34.96bn, with a total of 1,404,726 applicants and 1,157,296 approvals; under the coronavirus businesses interruption loan scheme (CBILS), lending hit £13.41bn, with 121,669…
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The COVID-19 pandemic is expected to see business lending grow by 14.4% this year – the highest level in 13 years – according to an EY ITEM Club Interim Bank Lending Forecast. Additional bank finance (including government-backed loans) has been crucial to UK corporates and SMEs during the pandemic, and it is predicted that firms…
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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 41% in June 2020 compared with the same month in 2019. In the first half of 2020, new business fell by 32% compared with the same period in 2019. The business…
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Results from the latest Britsh Chamber of Commerce (BCC) Coronavirus Business Tracker reveal that businesses are still facing significant cashflow challenges with the schemes announced in the Summer Statement failing to provide support at the scale needed to protect jobs after the furlough scheme winds down. More than half of firms report cashflow decrease since…
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Invoice finance provider, Optimum Finance appoints has announced three new appointments. The company welcomes James John as its new Head of Risk, Rebecca Salt as Regional Sales Director for the Midlands and Dany Boyle as its new Partnerships Manager. James John joins Optimum finance with 23 years’ experience. He started off as an auditor for…
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Fleet leasing specialists Alphabet (GB) has announced the appointment of Clive Buhagiar as the new interim Chief Operating Officer. Buhagiar takes over the role from Uwe Hildinger, who will be joining Alphabet Germany as their new Chief Executive Officer in August. As interim COO, Buhagiar will be responsible for the whole Operational Function of Alphabet…
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More than four-fifths of UK medium-sized businesses can only continue trading for up to nine months with current funding arrangements, according to new research from accountancy and business advisory firm, BDO. BDO’s second ‘Re-thinking the Economy ‘survey of 500 medium-sized businesses across the UK reveals that medium-sized businesses have each taken an average of £21…
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Latest HM Treasury figures have reveal that just under 1.2 million businesses in the UK have been supported by finance from lenders through government-backed coronavirus lending schemes. On the three-month anniversary of the Bounce Back Loan Scheme (BBLS), the figures reveal that over 1.13 million small and micro businesses have now been backed by the…
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Multi-specialist bank Leumi UK has appointed Roy Shilo as Head of Commercial Finance. With over 20 years’ experience in the financial services industry, Shilo has held positions at both Bank Leumi USA and Bank Leumi Israel, before joining Leumi UK in July 2019. In his new role, Shilo will lead Leumi UK’s Commercial Finance activity –…
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Sharp distinctions in approaches to managing cashflow and business continuity planning by SMEs and the corporate world have been revealed in the latest edition of the ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. Closing on the 29 July, the results show that 86% of accountants in the corporate sector have…
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Specialist lender, Just Cashflow has announced the launch of a significantly enhanced Broker Portal. The portal aims to increase the speed, efficiency and security of the application process and utilises leading fraud prevention software. Just Cashflow’s Executive Chairman John Davies said ”The enhancements to our portal have been driven by feedback from Brokers. The result…
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New figures have revealed that over 1.17 million businesses in the UK have received finance from lenders through the government-backed coronavirus lending scheme. The banking and finance industry has now provided over 1.1 million small and micro businesses with £33.7 billion through the Bounce Back Loan Scheme (BBLS). The Coronavirus Business Interruption Loan Scheme (CBILS)…
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