Call for lending support for SMEs fearing recession

Almost three-quarters (72%) of businesses are currently preparing for an imminent recession, according to data from Time Finance. The SME lending specialist said UK companies are grappling with rising energy and fuel costs, increased National Insurance and supply chain issues, and warned that too much retrenchment by smaller businesses could result in a sharp downturn, the very outcome they sought to avoid.

Call for lending support for SMEs fearing recession

Jun 23, 2022

Almost three-quarters (72%) of businesses are currently preparing for an imminent recession, according to data from Time Finance. The SME lending specialist said UK companies are grappling with rising energy and fuel costs, increased National Insurance and supply chain issues, and warned that too much retrenchment by smaller businesses could result in a sharp downturn, the very outcome they sought to avoid.

Simply Asset Finance announces first Scottish office

Simply Asset Finance has opened first Scottish office in Eurocentral, one of Scotland’s leading industrial and logistics hubs located between Glasgow and Edinburgh. The lender, which specialises in the SME market, says this new Scottish office allows the Simply sales team to better service SMEs throughout Scotland by offering its alternative finance model, which looks beyond a balance sheet and credit rating.

Simply Asset Finance announces first Scottish office

Jun 15, 2022

Simply Asset Finance has opened first Scottish office in Eurocentral, one of Scotland’s leading industrial and logistics hubs located between Glasgow and Edinburgh. The lender, which specialises in the SME market, says this new Scottish office allows the Simply sales team to better service SMEs throughout Scotland by offering its alternative finance model, which looks beyond a balance sheet and credit rating.

Novuna Business Finance grows profits by a quarter

Tech transformation and growing demand for sustainable finance saw Novuna Business Finance deliver pre-tax profits of £25 million in 2021/22, a 24% increase on the previous year. The division, which specialises in providing asset finance solutions for UK SMEs, also grew its asset portfolio by 11% to £1.6bn. The results show Novuna Business Finance growing its market share by 0.4% from pre-pandemic levels to 2.4%. The business also generated £820 million in new business, an 8% increase on the previous year.

Novuna Business Finance grows profits by a quarter

Jun 14, 2022

Tech transformation and growing demand for sustainable finance saw Novuna Business Finance deliver pre-tax profits of £25 million in 2021/22, a 24% increase on the previous year. The division, which specialises in providing asset finance solutions for UK SMEs, also grew its asset portfolio by 11% to £1.6bn. The results show Novuna Business Finance growing its market share by 0.4% from pre-pandemic levels to 2.4%. The business also generated £820 million in new business, an 8% increase on the previous year.

EMEA

Supply chain crisis costs UK SMEs £3.9bn

Jun 14, 2022

Over half (54% or 2.1 million) of all UK SMEs have been impacted by the ongoing supply chain crisis in the last 12 months, according to research by Aldermore. The lender says around £3.9 billion of earnings are at risk, as most SMEs have only a limited understanding of how their supply chain operates and the actions they should take to address the challenges they currently face.

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.