NEWS

The latest from Balance for Business

UK invoice and asset-based lending up 4%

Figures from UK Finance have shown that invoice and asset-based lending grew by 4% in the first quarter of 2018, compared to the same period last year. Asset-based lending was up 10.7% to £4.3bn, while invoice finance rose 2.4% to £17.4bn. UK Finance also noted that the turnover of the client base using invoice finance […]

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UK Asset finance market rebounds in April

New figures from the Finance & Leasing Association (FLA) show that asset finance new business grew by 7% in April, compared with the same month in 2017. New business in the plant and machinery finance and business equipment finance sectors was up by 13% and 18% respectively, while commercial vehicle finance new business increased by […]

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A quick 3 point funding update

Are you currently looking at your funding options? We’ve got you covered! – We now have access to funding for HMRC payments at extremely competitive pricing. This can fund VAT, PAYE & Corporation Tax bills and will not appear as HMRC arrears when funders assess lending requirements.  – We have access to the most competitive […]

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Most SMEs prepared for minimum wage rises

New research by Close Brothers Asset Finance has found that 80% of SMEs consider themselves well prepared for the recent increase in the national minimum wage. From April 2018, all workers aged 25 and over have been legally entitled to at least £7.83 per hour. However, the profitability for 50% of businesses will be adversely […]

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London business confidence rises

Confidence among London businesses jumped in Q2 thanks to rising sales at home and abroad, according to a new survey by ICAEW. Domestic sales rose by 2.7% in the quarter, a small improvement from the 2.5% growth rate seen in the same quarter last year. Exports surged by 4.6% year-on-year, up from 3% in 2017. […]

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Small firms face hit from US tariffs

Business groups fear small businesses linked to the UK’s steel and aluminium producers could be among the hardest hit by US tariffs on European steel and aluminium. The tariffs will see a 25% duty on European steel and a 10% duty on European aluminium. Martin McTague, policy director at the FSB, said the government must […]

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SMEs bullish about growing internationally

Research from the 2018 International Business Festival found 43% of SME managers are hopeful about potential growth opportunities post-Brexit. Although more than half of businesses thought that leaving the EU would be detrimental to their business, 74% said they plan to increase their revenue within three years and 82% have clear plans about their upcoming […]

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FCA publishes high-cost credit review

Ahead of a wider review into retail banking, the Financial Conduct Authority’s (FCA) new report on high-cost credit claims that the way that banks operate and charge for overdrafts needs “fundamental reform”. Proposed reforms include mobile alerts warning of potential overdraft charges, stopping the inclusion of overdrafts in the term ‘available funds’, requiring online tools […]

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More SMEs turning to alternative finance

Analysis by Wesleyan has found that rather than rely on overdrafts, savings and credit cards to facilitate growth, 59% of SMEs had used external funding – including crowdfunding and invoice funding – on at least one occasion to drive growth. The figure is up from 30% in the same survey in 2016. Some 27% of […]

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Professional services ‘booming’, says CBI

Demand for accountancy, legal work and marketing is booming, with optimism among such companies improving at the fastest rate in more than a year, the CBI has said. The organisation’s quarterly survey shows that growth in volumes for business and professional services companies jumped in the three months to May, with a balance of 25% […]

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