Credit, Collections & Insolvency News
The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
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The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…
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Over two-thirds of UK SMEs (69%) have reported significant pressures on their cash levels according to latest insights from business lender MarketFinance. This is in large part down to businesses paying for supplies earlier than anticipated because of coronavirus-related stockpiling and fears of deeper disruptions to transport (road, air and rail) linkages. Additionally, on orders…
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The Budget has confirmed plans to grant HMRC ‘preferential status’ in insolvencies from December 2020, says insolvency and restructuring says trade body R3. Business groups, including R3, have described this policy as a threat to business lending and business rescue. From December, debts owed to HMRC by insolvent businesses will be repaid in advance of…
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Hundreds of thousands of British SMEs have been turned down for property finance in the past five years, a new study by Together has revealed. Nearly a quarter of small and medium-sized companies said they had struggled to find the funds to move or expand – with inflexible lenders and a shortage of suitable property…
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The Bank of England has announced a number of measures to respond to the economic shock from Covid-19. In a statement, the Bank of England’s said that its role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy…
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Equiniti Riskfactor and Codat have announced an SME lending partnership The partnership will see Equiniti Riskfactor and Codat allow SME customers to automatically share data with their lender, speeding up decision making. Equiniti Riskfactor will connect with Codat’s single API to digitise data collection for its clients, enabling small businesses to share data automatically, reducing…
Read morePeer to peer lender Assetz Capital has announced that it has surpassed the £1 billion mark for lending to SMEs and housebuilders across the UK since 2013. As part of its business lending, Assetz Capital has been a key supporter of the UK housing market, funding a total of 4,846 new homes since its inception.…
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Shire Leasing has completed the first-ever drawdown of Wesleyan Bank’s newly launched block discounting facility offering. The block discounting offering from Wesleyan Bank is a wholesale finance facility that bolsters the funding capabilities of alternative finance companies offering loan agreements to businesses. Shire Leasing and Wesleyan Bank have agreed on a £ 5million facility with…
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Research conducted by Nucleus Commercial Finance, an alternative finance provider, has revealed that nearly four in 10 (39%) of UK SMEs encountered financial challenges over the past twelve months. Of this group, a quarter (24%) of business owners used their personal savings to address financial issues within their businesses, while 27% simply took no action,…
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British Business Bank’s Small Business Finance Markets 2019/20 report has highlighted a significant long-term growth in alternative finance volumes over the last five years, with a 32% increase in asset finance, a 131% increase in equity finance and a 374% increase in marketplace business lending. The British Business Bank was set up in 2014, with objectives…
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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) grew by 1% in December 2019, and by 6% in 2019 to reach a record annual total of £35.7 billion. In December, the IT equipment finance sector continued to report double-digit growth as…
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Secure Trust Bank Commercial Finance has bolstered its senior team with the appointment of Richard Foote as its Regional Managing Director for London and the South East as it looks to support more businesses seeking funding. Foote joins from ABN AMRO Commercial Finance (“ABN”) where he held the role of Director of Origination and Structuring…
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