Further details of the Growth Guarantee Scheme, the successor to the Recovery Loan Scheme, are published today. The Growth Guarantee Scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow and is expected to support around 11,000 smaller businesses between 1 July 2024 and 31 March […]
In response to the result of the general election, Theo Chatha, chief financial officer, Bibby Financial Services said: “The Labour party now has an opportunity to drive economic growth through the UK’s resilient small and medium sized business community, and to support them in boosting output. But first, they must address key areas of concerns […]
An award-winning specialist business bank has today launched a best-in-class savings bond to boost savers. The new 1 Year Business Savings Bond with an annual rate of 5.20% AER underscores Redwood Bank’s commitment to providing unparalleled value to its business customers. The Savings Bond offers a robust solution for businesses, as well as clubs and […]
SME working capital provider TRIVER has secured £2.5m from existing investors to fund further growth. Although SMEs represent over half of UK business turnover, cashflow management is a constant problem for them. TRIVER is transforming how these businesses access short-term working capital, leveraging Open Banking data and sophisticated AI to underwrite the risk of small […]
Improving confidence among business leaders is the primary factor in growing demand from SMEs for external funding, the ‘SME Pulse’ survey for Q2 2024 from Atom bank has revealed. The quarterly poll of commercial brokers by Atom bank found that the appetite for external funding continues to grow, with almost two thirds (63%) of brokers […]
SMEs banking with the UK’s biggest banks are being shortchanged on their savings interest – to the tune of £2,157 a year. An independent tracker which monitors interest rates offered to small and medium-sized businesses has shown that British high street banks are still offering an average rate of just 1.45% to small business on […]
Access to finance is becoming a critical issue for UK small businesses, with new research finding that more than half (53%) would have to put their plans on hold if they were unable to secure finance. The study by Novuna Business Finance underscores the importance of access to finance for the small business sector at […]
More than eight in ten small-to-medium enterprises (SMEs) in financial services have been identified with “concerning” skills shortages in project management, putting at risk the delivery of future projects, a survey by the Association for Project Management (APM), the chartered membership organisation for the project profession, has found. APM polled over 500 project professionals working […]
Bad debts and payment disputes are a top cause of business insolvency, according to Purbeck Insurance Services, which has analysed personal guarantee insurance claims from small business directors, following insolvency. Failed acquisitions and not being close to business financials due to an over-reliance on accountants, were also major causes of business failure in the past […]
Further to the announcement on 7 March 2024, Funding Circle today announces it has entered into an agreement for the sale of Funding Circle’s US business to iBusiness Funding, LLC (IBF). The transaction will be for a total cash consideration of £33m, for the US business including all loan portfolios, which includes a £10m gain, […]
