UK banking and finance sector provides £73 billion of finance to 1.6 million firms

The UK banking and finance sector has so far provided some £73 billion in finance to more than 1.6 million businesses through government-backed COVID lending schemes, according to figures from HM Treasury. This totals around 27% of British businesses, with the vast majority of firms maintaining an existing relationship with at least one of the 29 lenders currently accredited to the bounce back loan scheme (BBLS), or the 118 lenders now accredited to CBILS.

UK banking and finance sector provides £73 billion of finance to 1.6 million firms

Feb 26, 2021

The UK banking and finance sector has so far provided some £73 billion in finance to more than 1.6 million businesses through government-backed COVID lending schemes, according to figures from HM Treasury. This totals around 27% of British businesses, with the vast majority of firms maintaining an existing relationship with at least one of the 29 lenders currently accredited to the bounce back loan scheme (BBLS), or the 118 lenders now accredited to CBILS.

Allica Bank unveils new asset finance division with industry veteran Richard Cameron at the helm

Allica Bank, a UK-based SME lender, has revealed the launch of a new asset finance division to unlock up to £250,000 in finance, with an advance of up to 100% and a maximum term of seven years. Available through the Bank’s network of brokers across the UK, the asset finance offering will provide vital access to capital for SMEs purchasing equipment in a post-pandemic market. Small and medium-sized businesses have been recognised as one of the worst-hit segments of the economy during the pandemic, and its recovery is central to the future economic health of the UK.

Allica Bank unveils new asset finance division with industry veteran Richard Cameron at the helm

Feb 19, 2021

Allica Bank, a UK-based SME lender, has revealed the launch of a new asset finance division to unlock up to £250,000 in finance, with an advance of up to 100% and a maximum term of seven years. Available through the Bank’s network of brokers across the UK, the asset finance offering will provide vital access to capital for SMEs purchasing equipment in a post-pandemic market. Small and medium-sized businesses have been recognised as one of the worst-hit segments of the economy during the pandemic, and its recovery is central to the future economic health of the UK.

20% of SMEs left struggling as 50% remain unable to repay bounce back loans

Around one million SMEs have been overlooked in terms of COVID emergency support and are now in urgent need of help, with 20% receiving no financial support from the government since the onset of the pandemic, according to a new report from the Federation of Small Businesses (FSB). Despite this, there has been a 12% increase in new businesses starting up during 2020, illustrating the entrepreneurial spirit amongst UK SMEs. However, without further support from the Government, the FSB expressed concern that the various challenges posed by the pandemic would consume the more unstable businesses.

20% of SMEs left struggling as 50% remain unable to repay bounce back loans

Feb 18, 2021

Around one million SMEs have been overlooked in terms of COVID emergency support and are now in urgent need of help, with 20% receiving no financial support from the government since the onset of the pandemic, according to a new report from the Federation of Small Businesses (FSB). Despite this, there has been a 12% increase in new businesses starting up during 2020, illustrating the entrepreneurial spirit amongst UK SMEs. However, without further support from the Government, the FSB expressed concern that the various challenges posed by the pandemic would consume the more unstable businesses.

EMEA

Pay-as-you-grow facility set to ease SME cashflow concerns and fuel return to growth

Feb 16, 2021

The British Business Bank has revealed further details of the ‘pay-as-you-grow’ (PAYG) facility which enables more flexible repayments for UK SMEs that took out a bounce back loan. The facility is hoped to help smaller businesses to manage their cashflow and have a better chance of returning to growth after taking out a bounce back loan. Businesses are now able to request a loan term extension, capital repayment holidays and a temporary pause on repayments.

Americas

CIT upgrades B2B point-of-sale lending platform

Feb 20, 2020

The small business solutions arm of CIT Group has launched a new version of its point-of-sale lending platform. The platform is available online and on mobile devices to simplify financing for small business purchases of $2,500 or more. Business customers can shop for products, be approved for credit, select terms and receive electronic documents to secure their purchase electronically. The platform also provides real-time monthly payment quotes and automatically sends electronic documents to customers for review and e-signature.

Asia Pacific

Brand value of world’s largest banks contracts for first time since financial crisis

Feb 19, 2020

The total brand value of the world’s 500 largest banks has declined for the first time since 2009. Research by independent brand valuation consultancy Brand Finance found the global brand value of the top banks fell from $1.36 trillion at the start of 2019 to $1.33 trillion for 2020. Chinese banks occupy the top four places in the Brand Finance Banking 500, with ICBC retaining first place overall. It is the country’s biggest lender with 600 million customers.