Credit, Collections & Insolvency News
Business confidence has reached its highest level in nearly a decade, according to Lloyds Bank’s latest business barometer index. The index has found that overall business confidence reached its highest level for over eight years. Confidence increased by 8 points – up to 50% – a level last exceeded in November 2015. Survey data suggests…
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Higher interest rates will cost British businesses an additional £4.7 billion a year for the rest of the decade – and much of this cost will be pushed onto consumers, according to a new study by management consultancy Baringa. Baringa believes companies are experiencing the largest such hike in debt-related costs ever faced by the…
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A survey by online credit provider iwoca shows that SMEs believe big banks will further reduce funding for small businesses. The poll shows that nearly eight in ten brokers (77%) believe that high street banks are scaling back their willingness to fund small and medium-sized businesses, according to iwoca’s latest Q1 2024 SME Expert Index.…
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Latest analysis of applications for personal guarantee insurance in Q1 2024 by Purbeck Personal Guarantee Insurance has shown that there has been a 49% rise in business owners seeking Personal Guarantee Insurance (PGI) for a small business loan with most of these were for loans to simply keep their business running. Purbeck Personal Guarantee Insurance…
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Three in ten SME finance experts (28%) report that the most requested loan amount at the start of 2024 was over £100,000, 56% higher than the same period last year, according to iwoca’s Q1 2024 SME Expert Index. The new research showed that seven in ten (70%) brokers are optimistic about SMEs prospects in 2024,…
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A former electrician has had his bankruptcy restrictions extended for 11 years after claiming a £45,000 Bounce Back Loan to support his business during the pandemic despite not being self-employed at the time. Andrei Moise from Mitcham in Surrey, received a £45,000 Bounce Back Loan in July 2020 to support his role as a self-employed…
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SilverRock Bank has announced the granting of its banking authorisation with restriction by the Prudential Regulation Authority following the completion of a £50m funding round. SilverRock’s unique business model and strategy is predominantly built to partner with non-bank and other lenders to support them to compete more effectively over the long term. An Ipsos SME…
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New research conducted this week by business lender Together has found that over a third (35%) of SME business leaders strongly believe that ensuring access to finance for the country’s wealth creators should be prioritised by the government within the first six months of the new parliament. A third (33%) of this group – which…
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A new report by the London Business School and Evolution and the Institute of Directors has indicated that the adoption of generative artificial intelligence (AI) could widen corporate inequalities, with sectors prone to market consolidation seeing the most significant shifts. The report also proposed a series of recommendations that businesses and policymakers can implement in…
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A restaurant manager has been givena suspended sentence after using Covid Bounce Back loan to buy jewellery. The Manchester-based restaurant manager fraudulently obtained two Covid loans worth £100,000. Sehrish Yasmin was sentenced to 10 months in prison, suspended for 12 months, at Manchester Crown Court. The 32-year-old was also ordered to pay costs and compensation…
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Two in five (40%) SME decision-makers do not have protective measures against fraud and scamming in place, leaving them at risk of an incident or attack according to research by insights agency Opinium. The research, conducted among 500 senior decision makers at SMEs, found that this rises to 45% among SMEs in hospitality, food &…
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Prime Minister Rishi Sunak has announced a General Election for Thursday 4th July in a statement outside Downing Street. Responding to the Prime Minister’s announcement, National Chair of the Federation of Small Businesses (FSB), Martin McTague, said “Small business owners and self-employed people across the country will be looking for which party puts forward the…
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A man who cheated taxpayers out of £50,000 by using the funds from a Covid loan to replace his car has been sentenced for fraud. Insolvency Service Investigations found that James Todd applied for and secured a £50,000 Bounce Back Loan for a fictitious business he named Pro Detailing, inventing a turnover of £255,000 to…
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