UK banking and finance sector provides £73 billion of finance to 1.6 million firms
UK banking and finance sector provides £73 billion of finance to 1.6 million firmsFeb 26, 2021
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Allica Bank unveils new asset finance division with industry veteran Richard Cameron at the helmAllica 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.
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20% of SMEs left struggling as 50% remain unable to repay bounce back loansAround 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.
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