Credit, Collections & Insolvency News
Shawbrook has agreed to acquire alternative lender, ThinCats. The acquisition of ThinCats represents a strategic investment in accelerating the growth of Shawbrook’s existing presence in the specialist SME lending market. ThinCats will continue to operate as a separate brand with independent teams, and will maintain a distinct proposition for owner-managed and sponsor-backed businesses. Amany Attia,…
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Latest data from Allica Bank has revealed that 48.5% of brokers have seen an increase in applications over the past six months. That’s up from 40% in Q4 2024, and comes despite a period marred by global uncertainty, trade tensions, high costs, and the introduction of higher employer National Insurance contributions. Only 20.3% of brokers…
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Almost two-thirds (61%) of SME finance brokers report submitting over half of their loan applications to alternative lenders in the last four weeks, according to research by Iwoca. Iwoca says that the shift underlines a change in business attitudes, with demand for modern, tailored financial solutions now outpacing traditional banking options. Speed of decision-making is…
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The Bank of England has cut interest rates to 4%, with the cut from 4.25% marking the fifth reduction since August 2024. The Bank of England’s Monetary Policy Committee (MPC) voted 5:4 for a cut. One voted for a 0.5% cut and four voted for rates to be held. Responding to the news, Federation of…
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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) in June 2025 grew by 1% compared with the same month in 2024. In the first half of 2025, new business was also 1% higher than in the same period in 2024. The…
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A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed. Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) in May 2025 was at a similar level to the same month in 2024. In the first five months of 2025, new business was 1% higher than in the same period in 2024.…
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The overuse of personal guarantees in borrowing is hindering UK business growth, according to a survey by the Federation of Small Businesses (FSB). Research by the business group shows that six in ten (60%) limited company directors would borrow to grow their business, if they did not have to put hard-earned assets like savings or…
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New research by Capital on Tap has found that 46% of business owners don’t have a business credit card, with 54% of consumers actively avoiding them The data also showed that 36% of business owners have never owned a business credit card, and 54% of consumers said they actively avoid using credit cards. For business…
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Latest data from Purbeck Insurance Services has found SME loans for working capital fell 24% in Quarter 1 (Q1) 2025. The number of SMEs needing finance to keep their business on an even keel has not been this low since Q3 2024, based on Purbeck’s data. In contrast, refinancing deals grew dramatically year on year…
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Online businesses in the North West are securing much larger advances than their southern counterparts, reflecting the region’s growing digital economy and the impact of regional investment in tech hubs. The median advance approved for online businesses in the North West of the country has now increased by 483% year-on-year, to an amount of £175,000…
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New analysis from Premium Credit has shown that the Construction sector borrows the most to fund insurance premiums. The Professional and Scientific sector saw the most growth in terms of using credit for insurance. The data showed that 54% of SMEs use some form of credit to pay for insurance premiums, borrowing an average of…
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Premium Credit research has found a surge in growth for the total amount it lends and number of customers it helps spread the cost of VAT, corporation tax and self-assessment tax payments. The number of customers using the Tax and VAT funding service has more than doubled in the past two years by 108% while…
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