Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 28% in March 2020 compared with the same month in 2019. In Q1 2020 as a whole, new business fell by 15% compared with Q1 2019. The IT equipment finance was…
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The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…
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The British Business Bank has announced that it has approved nine new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), bringing the total number of CBILS lenders to over 60. New lenders Assetz Capital, Atom bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK, will be…
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Lloyds Banking Group has announced that it has already paid more than £1 billion to small businesses as part of the Government’s Bounce Back Loans Scheme (BBLS), following its launch on Monday (4th May). The lender says that more than 32,000 of its small business customers applied. RBS said that it had received 58,000 Bounce…
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Following the Chancellor of the Exchequer’s announcement on 27th April, the Bounce Back Loans Scheme opens for applications from today (Monday 4th May) Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the…
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The Financial Conduct Authority (FCA) has announced it intends to seek legal clarity on business interruption (BI) insurance to resolve doubt for businesses who are facing uncertainty on their claims. The FCA has outlined that it intends to seek a court declaration, on an agreed and urgent basis, to resolve uncertainty for many customers making…
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Loan payment holidays are the main mitigation measure being used by small businesses to help sustain cashflow during the COVID-19 pandemic according to a snapshot of the market by Purbeck Insurance Services. 46% of the insurance provider’s policyholders are taking measures to manage their cashflow with loan repayments the top tactic being used by 47%. …
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New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
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The proportion of UK small businesses predicting growth has plummeted from 39% to just 14% in the last three months – with 31% of business owners scaling back their businesses and 30% saying they will struggle to survive between now and the end of June. The findings form part of a quarterly tracking study of…
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The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Chancellor Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses…
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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak. The new CBILS lenders are…
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The Confederation of British Industry (CBI) has urged that the government accelerate the delivery of support to businesses. The CBI says that the Government has acted at pace to protect companies and jobs. So far around £6 billion in grants from local authorities have reached small businesses. And the Job Retention Scheme started strongly on…
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The banking and finance sector has provided over £2.8 billion of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance. Total lending under CBILS has doubled in the week from 14…
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