Credit, Collections & Insolvency News
Latest ONS data has found that inflation came in at 2.3% in April, lower than the 3.2% reported in March. The rate is at its lowest in two and a half years, and down from the peak at 11.1% in October last year. Commenting on the inflation data for April, ONS Chief Economist Grant Fitzner…
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Invoice Finance specialist, Optimum Finance, has announced it has appointed Jessica Okonoboh as its latest Relationship Manager. Okonoboh joins the team with prior experience in Invoice Finance and the wider financial services sector, holding particular skills in client services, credit management and business development. Ant Persse, CEO of Optimum, said “Optimum exists to support our…
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New data from Iwoca has shown that three in every ten (29%) small business owners in the UK have received financial backing from a family member – with three-quarters (74%) saying it was essential for setting up their business. Over a third (36%) said they had received more than £25,000 from their relatives, with a…
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Asset finance solutions provider, Time Finance has announced the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions. The technology provided by Nivo also includes E-signature functionality. Enabling Time Finance to increase its E-signature document limit from £100k to £250k. Speaking of the partnership and the technology Time Finance has adopted,…
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Research from independent SME funder Bibby Financial Services (BFS) has found that women business leaders are facing gender inequality in commercial lending, which is hampering the growth ambitions of many SMEs. Data from BFS’s latest SME Confidence Tracker, which surveyed 1,000 UK SMEs, uncovered that two thirds (66%) of women business leaders believe that banks…
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Cerberus Receivables Management (CRM) has announced that it has appointed Sam Mather as its new Head of Compliance to help better manage its information security strategy. Mather has been an experienced independent ISO consultant for many years and has moved from working one day a week for CRM to being full-time in the first-ever in-house compliance…
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New research by Sage has found that that eight in ten CFOs are embracing Artificial Intelligence (AI) and automated processes to gain time to focus on more valuable tasks. This additional time enables them to develop the critical skills necessary for success in more senior executive leadership, such as being appointed CEO, however only 49%…
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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) fell in March 2024 by 10% compared with the same month in 2023. In Q1 2024 as a whole, new business was at a similar level to Q1 2023. The business new car…
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Commercial finance lending software specialist, Dancerace has announced it has launched a new risk system for invoice finances providers. The new system is called r3 RiskOps which enables risk and operational teams to better manage client risk and work more efficiently. The system comes to market having already been deployed by Skipton Business Finance in the…
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The EY Item Club has forecasted bank-to-business lending will to grow just 0.5% (net) this year, before rising to 2.8% (net) in 2025, as lower borrowing costs boost demand The analysis says lending to UK businesses will increase by 0.5% this year, having contracted by 2.1% in 2023. Looking ahead, growth in business lending is…
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Latest Office for National Statistics (ONS) data has shown that the economy grew by 0.6% between January and March, with this marking the fastest rate of growth for two years and as a result the UK officially exited the recession. The growth seen in Quarter 1 means the UK has emerged from recession, with the…
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New research from Premium Credit has found that the number of SMEs using credit to pay for their insurance has increased in the past year with nearly one in five of them increasing the amount they borrow. The analysis showed that 55% of SMEs now use some form of credit to pay for insurance borrowing…
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A London-based builder has been disqualified as a company director for ten years after he overstated his company’s turnover to claim the maximum Bounce Back Loan during the pandemic and then failed to show the money had been spent on his business. Marcel Ion from Bromley, was the sole director of Mavion Group Ltd, a…
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