Surge in eco-conscious small businesses hits record 12-month high
Surge in eco-conscious small businesses hits record 12-month highSep 27, 2023
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MPs are waking up to late payment culture threatening the SME communityThe ongoing late payment threat facing UK businesses is now so bad, it has caught the attention of Westminster. According to recent polling, almost two-thirds (65%) of MPs support the introduction of a compulsory Prompt Payment Code (PPC) to protect small-medium sized enterprises’ (SME) cash flow.
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Renaissance Asset Finance supports One Stop Business Finance with £5m revolving credit facilityRenaissance Asset Finance, a subsidiary of the private and commercial bank, Arbuthnot Latham, has confirmed their support for specialist SME lender, One Stop Business Finance, with the completion of a block discounting facility. The revolving credit facility, which was completed in August, backs the Group with £5m to help them achieve their ambitious growth objectives.
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British Business Bank meets objectives, but reports loss for 2022/23The British Business Bank's Annual Report, released today, details that the Bank has met its objectives with financial support of more than £12.4bn through its core programmes, but reports a loss for 2022/23 due to falls in market valuations.
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Time Finance achieves new lending milestoneTime Finance, the alternative finance provider to more than 11,000 UK SMEs, has reached another milestone in its ambitious growth strategy, reporting an own book lending reaching a new high of £175m, an 18% increase over the last 12 months.
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SocGen open to sale of Equipment Finance unit in strategy review, sources saySociete Generale is open to a sale of its Equipment Finance business as the French bank's new CEO Slawomir Krupa embarks on a broad strategic revamp, people familiar with the company told Reuters.
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Aldermore delivers solid FY23 results amidst challenging economic conditionsAldermore Group has posted a 9% growth in profit before tax to £222.5m, compared with £204.7m in FY2022. The Group delivered both solid lending and customer deposit growth, supported by improved margins, whilst continuing to invest in the business.
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Millbrook reports record 12-month growth figures on its 3rd anniversaryMillbrook Business Finance, a UK broker in the business finance market, is celebrating its third anniversary with record 12-month growth figures. During this period, revenue has increased by 120%, coupled with a 45% rise in the value of finance arranged.
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Close Brothers Leasing provides funding to Lynher EnergyClose Brothers Leasing’s Energy team has provided a £52.7m facility to Lynher Energy to help finance the development and construction of multiple renewable energy assets, including the 26.1MW Twitch Hill Solar Farm.
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Cautious optimism continues to return for UK SMEs, according to new researchClose Brothers Asset Finance’s Business Sentiment Index (BSI), which measures SME business confidence, has risen modestly for the second consecutive research period, reversing 2022’s downward trend.
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4 in 10 manufacturing SMEs think global conditions are worse than during the pandemicThe latest research from Bibby Financial Services (BFS) reveals that small and medium sized (SME) manufacturing businesses across the globe are being significantly impacted by current economic conditions.
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InterBay Asset Finance celebrates five years of successInterBay Asset Finance, the asset finance division of OSB Group, has been celebrating its fifth year in operation this week. The provider of hire purchase, finance leasing, and refinance solutions has been helping customers across the UK for half a decade.
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BBI commits £30m to Panoramic SME III FundBritish Business Investments has committed £30m to the Panoramic SME III fund as part of a final close of £100m. This commitment will allow Panoramic to fund growth opportunities and management transitions for smaller businesses across the UK.
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Small business survey reveals optimism for SME sectorThe Department for Business and Trade has released its latest Small Business Survey for the period of November 2022- April 2023, surveying over 7,000 SMEs in the UK, reviewing their overall performance and external factors impacting it.
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Government will miss inflation target this year, brokers predictThe vast majority of SME finance experts expect the Government to miss its target of halving inflation by the end of the year, iwoca’s latest Q2 2023 SME Expert Index finds. The new research, carried out with over 100 SME finance brokers who collectively submitted nearly 1,000 loan applications in June, reveals that three quarters (75%) expect inflation to remain above 5.4% at the end of the year.
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ELFA’s new business volume down 2% in JulyThe Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for July was US$9.9 billion, down 2% year-over-year from new business volume in July 2022.
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UK SMEs ramping up innovationAgainst a backdrop of rising interest rates, UK small and medium-sized businesses (SMEs) are embracing innovation to mitigate rising costs and maintain their competitive edge, according to the latest Barclays Business Barometer.
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British Business Investments announces £20m Tier 2 facility with Cambridge & Counties BankBritish Business Investments have announced a new £20m Tier 2 capital facility for Cambridge & Counties Bank Limited. Funds raised from the facility will enable Cambridge & Counties Bank to increase its volume of competitive lending to smaller businesses over and above levels it might have otherwise been able to provide.
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