UK small businesses set sustainability agenda for a post-election government
UK small businesses set sustainability agenda for a post-election governmentJun 07, 2024
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Resilient construction SMEs weather stormy business landscapeUK construction SMEs are ambitious to grow, but are held back by the impact of inflation, supply chain challenges and reduced access to capital. That’s according to Bibby Financial Services’ (BFS) SME Confidence Tracker, based on a survey of 1,000 UK SME owners and decision makers, including over 200 in the construction industry.
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Paragon records growth in new SME lendingParagon Banking Group’s SME lending business increased new lending during the first half of its financial year, the company announced today. Paragon reported the SME lending business delivered new lending of £230.2 million for the six months to 31 March 2024, a 4.6% increase on the same period last year. Overall, Paragon Banking Group recorded a 13.5% increase in underlying profits to £146.3 million for the first six months.
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Funding issues continue to blight SMEs’ path to growthSMEs are still reporting significant challenges when accessing and receiving funding support, according to new research from Shawbrook. Of those SMEs that had applied for funding over the last 12 months, nearly half (46%) said that it had not met their specific needs, with 45% saying they found the funding process confusing, long winded (28%) and lacked flexibility (20%).
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The role of personal guarantees in the SME lending spaceAs 60% of SME owners admit to not feeling confident about the risks of personal guarantees, Purbeck Personal Guarantee Insurance has launched a white paper ‘Bitter pill or acceptable risk: The Role of Personal Guarantees in the SME Lending space’. Setting out the pros and cons of personal guarantees as part of the SME lending landscape, the white paper has been submitted to the FCA for consideration in its investigation into SME lending practices.
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£30 million lending landmark exceeded for One Stop Business FinanceAlternative funding provider One Stop Business Finance has surpassed a new lending milestone, exceeding £30m for the first time, after record months in February, March and April. The loan book has increased from £21m, 12 months ago to £31m in April 2024, representing a near-50% increase and with a £35k-£36k projection for the year end at the end of June.
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Demand for loans over £100k increases as SME optimism returnsThree 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, conducted with SME finance brokers who collectively submitted over 2,500 loan applications over a four-week period, shows increasing signs of positivity in the UK lending market for small and medium-sized companies.
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Evolve Business Finance celebrates first year of growth and successIndependent commercial finance broker, Evolve Business Finance, has hit its first major business milestone – its one-year anniversary. During this time, the team has built up a strong client base and has been involved in some interesting deals. Achievements have included the completion of over £125m in funding deals; onboarding of 32 new invoice finance clients; and securing the largest deal in the company’s history at £50m.
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Political uncertainty emerges as top concern for UK SMEsAs the landscape for small and medium-sized enterprises (SMEs) in the UK continues to evolve, political uncertainty has emerged as a top concern for business owners, according to recent research conducted by Shawbrook. The findings reveal a notable shift in priorities compared to the previous year, underscoring the impact of political dynamics on the SME sector.
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DLL intends to acquire elf Leasing GmbHGlobal vendor finance company DLL has signed a share purchase agreement with Bankhaus Bauer AG to acquire elf Leasing GmbH, a German provider of leasing services based in Essen and Hannover. The transaction is expected to close at the end of 2024, subject to approval of the German BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht). The purchase price will not be disclosed.
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SME Manifesto presents strategy for next governmentThe All-Party Parliamentary Group (APPG) on Fair Business Banking has released its SME Manifesto, presenting a comprehensive strategy for the next government to transform the UK's financial landscape for small and medium-sized enterprises (SMEs). The report notes that the UK's financial system does not adequately support SMEs, leaving many without access to essential lending opportunities.
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Renaissance Asset Finance supports construction company with a six-figure facilityRenaissance Asset Finance (RAF), a subsidiary of Arbuthnot Latham, the private and commercial bank, recently supported an East Midlands groundworks company with a £220,935 facility. The deal, brokered by Monarch Asset Finance, was to finance the purchase of several new assets to replace their old equipment.
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British Business Bank publishes data for its Recovery Loan SchemeThe British Business Bank has published the first performance data for the third iteration of its Recovery Loan Scheme. The third iteration of the Recovery Loan Scheme was launched in August 2022, supporting the British Business Bank’s ongoing commitment to promote sustainable, accessible funding for UK smaller businesses, enabling them to invest and grow.
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SMEs need the backing of alternative lenders now more than everAt a time when only a staggering 5% of businesses would ‘shop around’ after being denied finance by their own bank, Ed Rimmer, CEO at Time Finance, shares his thoughts on how vital alternative lending is for businesses and the need to drive awareness of its potential.
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Cambridge & Counties Bank delivers record number of new loans in 2023Leicester-headquartered Cambridge & Counties Bank registered its highest ever level of gross new lending in 2023 at £328 million, up 6% year-on-year, highlighting the bank’s continued support for SMEs, entrepreneurs, and professional property investors in the UK. The bank’s fast-growing asset finance business experienced record customer drawdowns and net book growth, with exposures up 17% to £83 million.
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DLL closes second US securitisation transaction of 2024Global vendor finance company, DLL, has completed the second US securitisation transaction - DLLAD 2024-1 - this year, issuing notes totalling US$650 million. The notes are backed by loans and leases secured with agricultural, golf and turf assets of DLL Finance LLC.
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How clients are managing cash flowJamie Chaplin, Sales Director at Renaissance Asset Finance (RAF), discusses how SMEs are utilising asset finance to maintain or increase cash flow and delves into the primary uses for RAF's asset finance solutions by their commercial clients.
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Paragon Bank supports Shilling Group with invoice finance facilityParagon Bank’s SME Lending division has facilitated a £2.75m funding solution to support Shilling Group’s acquisition of Telford-based specialist logistics company Simmonds Transport. The trading arm of Birmingham-based Shilling Group secured an invoice finance facility from Paragon, enabling the company to raise finance against Simmonds Transport’s debtor book from existing contracts, which it utilised to support the purchase and post-completion working capital.
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