Credit, Collections & Insolvency News
Nimbla and Dancerace have announced that have partnered to increase SMEs’ access to credit insurance when they apply for invoice finance. The move is designed to help increase SMEs’ confidence at a time when many firms are facing increased defaults by customers. Credit insurance, or Bad Debt Protection (BDP), protects businesses by insuring their outstanding…
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The. British Business Bank has announced that it has appointed Catherine Lewis La Torre as its Interim Chief Executive Officer (CEO). Lewis La Torre currently holds the position of CEO of the Bank’s two commercial subsidiaries, British Patient Capital and British Business Investments. In October 2019, Keith Morgan CBE announced that he would be standing…
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The banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes. according to the latest figures published by HM Treasury. The figures reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 47% in April 2020 compared with the same month in 2019. In the four months to April 2020, new business fell by 23% compared with the same period in 2019. The vehicle…
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As UK businesses cautiously return to trading, a review of the last eight weeks of the ACCA UK and Corporate Finance Network (CFN) SME Health Tracker has revealed that the lockdown has had a marked impact on SMEs’ financial outlook. Since early April, the Tracker has gauged SMEs’ financial health when the lockdown officially began…
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The Office for National Statistics (ONS) has published its latest set of economy indicators on the Business Impact of Coronavirus in the period 4th May to 17th May 2020. The findings show that 42% of businesses responding to the Business Impact of Coronavirus Survey (BICS) had less than 6 months of cash reserves, while 79%…
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The Government has announced that it will provide guarantees of up to £10 billion to trade credit Insurance schemes for business-to-business transactions. The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK. The guarantees will…
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New Business Banking Resolution Service (BBRS) has said it is seeking input from stakeholders and registered and potential customers to ensure the new service is developed in line with the needs of those who will use the service. The BBRS says that a human, flexible approach will be at the heart of the way it…
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A survey conducted by commercial data and analytics firm Dun & Bradstreet found that prior to the coronavirus outbreak only 22 percent of small and medium sized enterprise (SME) respondents viewed securing funding for future growth as a key business priority. With latest figures on COVID-19 related loan schemes suggesting that the pandemic has increased…
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Business debt will slow the economic recovery from coronavirus unless steps are taken to make the burden more manageable for small and mid-sized companies according to the Institute of Directors (IoD) In a poll of 720 company directors, half (51%) said that debt their organisation had taken on during the crisis would have a negative…
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Latest figures released by the Treasury have revealed that lenders have approved over £31.3 billion to over 745,000 businesses through government-backed schemes. In the past week alone, more than £3.8 billion in lending has been provided to 94,000 firms through these schemes. More applications have been received and are expected to be approved in the…
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With restrictions on some non-essential businesses beginning to lift and further changes due to come into effect on 15th June, new research from Intuit QuickBooks suggests SMEs are looking towards recovery following the impact of the pandemic. Almost three in five (57%) small and medium-sized enterprises (SMEs) feel confident about business activity in the next…
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British Business Bank has announced that it has approved a new lender for accreditation to the Bounce Back Loan Scheme (BBLS) for small business across the UK. The scheme is intended to target small and micro businesses in all sectors, with loans from £2k up to 25% of the business’ turnover with a maximum loan…
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