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Business Finance Bulletin
8 minutes | 4 days ago
Recovery Loan Scheme Launches; Business Borrowing in 2020; and Metro Bank Invoicing Tool
On 6th April the Recovery Loan Scheme was launched. Replacing the Bounce Back Loan and CBILS the new scheme is designed to support businesses in need of growth funding. We look at how the scheme works and how it could benefit your business. As businesses focus on getting back on track no one can ignore the level of debt firms accessed in 2020. We review a report from UK Finance which lays bare the extent of debt businesses have taken on and how some owners are beginning to worry about their ability to start repaying. To close this Bulletin, news from Metro Bank on a new addition to their mobile banking app. The function will allow users who don’t wish to use an online accounting software package to create their own branded invoices.
7 minutes | 18 days ago
Business Scams to Watch; Business Protection Measures Extended; and Checking Your Credit File
According to the latest research from Barclays Bank, there has been a notable increase in the number of business scams. Opening the latest Business Finance Bulletin, we highlight five scams to watch out for. Alongside the extension of other support measures, we look at the government announcement extending the period of a range of measures designed to protect those businesses in precarious financial position. To close, a new report from Experian reveals that many people are not checking their credit files. We look at why this is important if you are thinking of applying for business finance.
7 minutes | 25 days ago
Business Insolvencies Declining; Fall in Use of Asset Finance; and Business Owner Risk Taking
We open this Business Finance Bulletin podcast with a review of the latest business insolvency figures. The most recent figures released by the Insolvency Service reveal that insolvencies are still declining. It is acknowledged that the figures will eventually increase so what can you do to protect yourself from customers not paying? The latest figures from the Finance and Leasing Association show that use of Asset Finance in January continue its downward trend. Will the new Super Deduction investment tax break encourage businesses to invest? Wrapping up, a look at a finding in the recent SME Finance Monitor report which highlights that some business owners have big plans and are still happy to take risks to achieve growth.
7 minutes | a month ago
Record Business Borrowing in 2020; ESME Loans Closes; and Open Banking Update
Opening the latest Business Finance Bulletin, we review a report from the British Business Bank looking at the business borrowing market in 2020. Not surprisingly the report reveals that businesses took on an unprecedented level of debt. With businesses going full out on CBILS and Bounce Back Loans the alternative finance sector, which was booming up until 2020, has taken a hit with falling demand. We look at news of one of the first casualties with Nat West’s announcement that ESME Loans is closing its doors. To close, the roll out of Open Banking takes a step forward with news that 9 of the main High Street banks are to join forces to spearhead a joined-up approach to deliver a consistent offering.
7 minutes | a month ago
Goodbye CBILS and Bounce Back Loans and Hello to the Recovery Loan Scheme
We devote the whole of this week’s Business Finance Bulletin podcast to the new Recovery Loan Scheme. In his Budget last week, the Chancellor announce that CBILS and the Bounce Back Loan Scheme would not be renewed but instead would be replaced by the Recovery Loan Scheme. We look at features of the new Scheme; the key differences between it and CBILS and the Bounce Back Loan; and the actions you should take now in terms of the 31st March deadline for the existing schemes and preparation for the Recovery Loan.
5 minutes | 2 months ago
Replacement for Bounce Back & CBILS? Barclays to Support Local Business; & Confidence on the Up
As the application deadline to apply for a Bounce Back or CBILS loan fast approaches, there is talk of a new government-backed loan being announced in this week’s Budget. Focusing more on recovery than survival we consider what the features of the loan could be. Smaller, local businesses have been badly hit over the last 12 months. We look at a pilot scheme launched by Barclays Bank in four UK towns. The Rebuilding Thriving Local Business programme designed to equip small business owners with the skills to restore their businesses. More information here https://www.barclays.co.uk/business-banking/sectors/entrepreneurs/back-to-business-programme/ To close, a review of the latest Lloyds Bank monthly Business Barometer survey which reveals that business is slowly edging up to highs not seen for nearly a year.
7 minutes | 2 months ago
Borrowing Post Bounce Back & CBILS; Business Banking Complaint Service; and VAT Deferred Payment
What is the business borrowing environment going to look like post Bounce Back Loans and CBILS? Opening the latest Business Finance Bulletin, we look at why obtaining finance will be challenging once the government loan support schemes finish. After two years in the making, seven of the major banks have launched the Business Banking Resolution Service. The service provides a path for small businesses who want an independent body to review complaints they have against their bank. Wrapping up this podcast, if you deferred your VAT payment due between March and June 2020, we look at HMRC’s announcement that it will be opening up applications to pay the amounts due over 11 months.
5 minutes | 2 months ago
Bounce Back Loan Changes; SME Brexit Support Fund; and Business Borrowing in 2020
Kickstarting this latest Business Finance Bulletin podcast, we review the changes announced to the Bounce Back Loan scheme. The tweaks to the scheme will help those small businesses which are seeing a slower uptick in trading than hoped for. Those businesses trading in Europe are finding it a challenge to negotiate the new rules and regulation. Recognising this, the government will be launching the SME Brexit Support Fund, which will provide grants to businesses in need of support and advice. To wrap up this edition, research from EY ITEM Club has revealed the level of debt businesses took on in 2020 and how the amount is significantly higher than seen in previous years.
6 minutes | 2 months ago
Business Confidence & Growth Plans; CBILS Personal Guarantee Liabilities; and Grant Finder Service
Opening the latest Business Finance Bulletin, good news in a survey from Hitachi Capital Business Finance, which reveals that despite continuing lockdowns, many businesses are still looking ahead to growth. But not all sectors are so confident. We look at findings from Purbeck Insurance Services which highlight that businesses which took on larger CBILs facilities have exposed Directors to an element of personal risk via Personal Guarantees. To close, not all businesses are keen to take on debt to keep cash flow positive or fund new projects and would prefer a grant. We look at a new free grant finder service launched by Nat West and Swoop which could help source the right grant.
8 minutes | 3 months ago
2020 Insolvency Numbers; Latest CBILS & Bounce Back Loan Figures; and Building Resilience
The Insolvency Service has reported on the number of firms which entered some form of insolvency arrangement in 2020. Opening this Bulletin podcast, we look at why the numbers are lower than 2019 and how the tidy is beginning to turn. We look at the latest CBILS and Bounce Back Loan figures which reveal that demand for the support loans are still strong. The figures also show that topping up an existing Bounce Back Loan has proved popular. To wrap up this edition, we review a report from Small Business Britain and TSB focused on the actions small businesses have taken to become more resilient in 2021.
6 minutes | 3 months ago
Prompt Payment Code Changes; Just Cashflow VAT on Purchase Loan; and CBILS and Bounce Back Loans
With 2021 being the year where managing cash flow will be more important than ever efforts to reduce instances of late payment are always welcome. We open our latest Bulletin podcast with changes announced by the Prompt Payment Code which will see its members reduce the number of days taken to pay invoices. If you are purchasing a commercial property which is subject to VAT then payment can put a strain on cash flow. We look at a new short-term loan launched by Just Cashflow which can assist in the up-front VAT payment. To close, we review new analysis from the British Business Bank which reveals the top three regions which have taken advantage of the CBILS and Bounce Back Loans.
6 minutes | 3 months ago
Business 2021 Goals and Actions; Insolvencies Start to Rise; and Late Payment Penalty Call
This time of year, people tend to set new goals and actions and businesses are no different. We open this edition of the Business Finance Bulletin podcast by reviewing the latest Business Barometer report from Hitachi Capital Business Finance. The report highlights three key actions businesses plan to take in 2021. After nearly a year where the number of businesses entering some form of insolvency arrangement has been lower than in previous years, we look at figures from the Insolvency Service which reveal the first increase. Is pressure on businesses now beginning to become evident? To wrap up this podcast, a call from members of the Institute of Directors for the Small Business Commissioner to be allowed to issue penalties to businesses with late payment practices.
8 minutes | 3 months ago
Business Borrowing Levels; Cash Flow Pain and Planning; and Business Investment Appetite
In the first Business Finance Bulletin podcast of 2021 we open by looking at the latest Business Finance Review from UK Finance which reveals the level of borrowing businesses have taken on in the first three quarters of 2020 and the challenges this will bring. In 2021 the adage that ‘cash flow is King’ will never be truer. A survey from the British Chambers of Commerce highlights the impact the economic contraction has had on business cash flow positions. To close, from the same survey, businesses are holding back on investment plans. Are these businesses putting themselves at a disadvantage when the economy picks back up?
6 minutes | 4 months ago
Bounce Back Loans & CBILS Extended; Concerns on Loan Support Roll-Out; Latest CBILS Figures
This edition of the Business Finance Bulletin podcast is a Bounce Back and CBILS fest! We kick off with the news that following a raft of new restrictions the government has extended the application deadlines for all the loan support schemes. The swift roll-out of the Bounce Back Loan scheme has been criticised by the Treasury Select Committee stating that the balance between protecting taxpayer’s money and supporting business is wrong. We look at what their concerns are. To close, a review of the latest Bounce Back Loan and CBILS figures which show continued growth and demand from businesses in need of cash support.
5 minutes | 4 months ago
Statutory Demand and Winding Up Petitions; MarketFinance Grant Fund; and 2021 Expansion Plans
Cash strapped businesses which are facing creditor pressure have been granted further breathing space by the Government. Opening our latest podcast, we look at the announcement that the suspension on serving Statutory Demands and Winding Up petitions has been extended. Could this lifeline create more zombie businesses? MarketFinance has launched its Business Booster Fund which is offering successful applicants a grant of £5,000 to support their growth plans. Could you do with a cash boost? To close the Bulletin, good news in a survey from Hitachi Capital Business Finance which reveals that more businesses are planning to get back to expanding in 2021.
7 minutes | 4 months ago
Business Scams on the Increase; Cashflow Starting to Tighten; and Improving Your Credit Score
Times of uncertainty can make businesses more susceptible to scams. Opening this latest Business Finance Bulletin podcast, we look at a report from Barclays which reveals a stark increase in the number of business scams. How can you avoid falling victim? As we edge closer to the end of 2020 business owners are facing a squeeze on cashflow. A survey from MarketFinance uncovers how close businesses are to running out of cash. Wrapping up this podcast, a question from a young entrepreneur on how he can improve his credit score and secure start up finance.
8 minutes | 5 months ago
Wrongful Trading Suspension Extended; Bank Service Satisfaction; CBILS and Bounce Back Losses
Starting this latest Business Finance Bulletin podcast, good news for Directors concerned about potential personal liability on decisions being taken with an announcement that the suspension on Wrongful Trading has been extended. How satisfied are you with the service your bank is providing and what factors would you take into consideration if you were to move banks? These are questions posed by the Current Account Switch Service in its latest survey. To close, with the CBILS and Bounce Back Loan application deadline extended, the Office for Budget Responsibility has revised the estimated losses the government could face on the two schemes. The amounts demonstrate the potential high cost of supporting businesses.
6 minutes | 5 months ago
Start Up Loan Ambassadors; Bounce Back and CBILS Update; and New Company Formations
Opening our latest podcast, news from the Start Up Loan company that it has appointed its latest batch of 12 Ambassadors. These are businesses owners who have built a successful business after receiving a start up loan. We take our monthly look at the Bounce Back and CBILS loan sector. Whilst the figures show a continued increase in the number and volume of loans drawn, the rate of increase is starting to slow. To wrap up this edition, a review carried out by Capital on Tap reveals the UK’s entrepreneurial hotspots when it comes to new company formations since the first lockdown. Which sector has proved to be the most popular type of new business?
6 minutes | 5 months ago
Just Cashflow Business Account; Recognise Bank Opening; and IwocaPay No Charges Offer
To open this latest Business Finance Bulletin podcast, we look at an announcement from Just Cashflow that it is about to launch its own Business Account. Just Cashflow clients will now be able to take advantage of this new service which offers all the features of a traditional bank account. Good news for small businesses looking for a bank designed around their needs with the news that a new bank has received approval to launch. We look at how Recognise Bank will support SMEs with a range of lending products, based on a relationship-led approach. To close, with businesses focusing on managing costs and cashflow, we have news from Iwoca that it is waiving charges on its IwocaPay facility up to 2nd December. Could IwocaPay help you better manage your cashflow in these turbulent times?
6 minutes | 5 months ago
Fraudulent Bounce Back Loan Applications; Business Borrowing Soars; Asset Finance Deals Decline
Opening this latest Business Finance Bulletin podcast, we look at a disclosure from the British Business Bank as to the number of fraudulent Bounce Back Loan applications lenders have intercepted, and the amount prevented from being lost to criminals. A report from the EY Item Club has revealed the staggering amount businesses have borrowed in 2020. The comparison to how much was borrowed in 2019 raises fears of a burgeoning debt bubble. To wrap up, despite levels of borrowing generally increasing, we review the latest figures from the Finance and Leasing Association which show that the number leasing and HP facilities is in decline, demonstrating a lack of business investment appetite.
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