NEWS

The latest from Balance for Business

New £30m lending fund for SMEs launched

Yorkshire-based corporate financiers Melanie Hird and Andrew Walls have secured £30m to launch Fresh Thinking Capital, a new SME lender. The firm has offices in Leeds and London and will offer secured lending loans of between £100,000 and £2m. There are plans to build a network of five offices nationally within two years.   Click here […]

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TSB to invest £100m in SMEs

TSB owner Sabadell is planning to boost its business banking operation in Britain with a £100m investment in small companies. An initial £30m is being provided to support a small business banking market “in desperate need of competition”, TSB said yesterday. The bank, which was bought by Sabadell in 2015, added that “real competition is […]

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MPs to investigate small business scandals

The Treasury select committee is launching an inquiry to examine protections for small businesses in the wake of the RBS Global Restructuring Group scandal. The Financial Conduct Authority acknowledged last month that small businesses had nowhere to turn to resolve financial disputes, and has proposed expanding access to dispute resolution provided by the Financial Ombudsman […]

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Business owners prepare to launch

Research by Digimax has found that 76% of business owners are currently working on new ideas with 43% aiming to launch this year. More than half (56%) of the entrepreneurs surveyed have previously moved from conception to launch within 24 months. Some 63% said social media would play a significant role in the launch of […]

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New relationship needed between banks and SMEs

Richard Davies, the commercial banking director at TSB, writes in the Telegraph on how SMEs have been let down by banks, suffering from high charges and poor service. He says the “confidence of small business owners in their ability to raise finance to grow their business is low” and with relationships between SMEs and banks having deteriorated, […]

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Fewer than 20% of SMEs says bank understands challenges

Just 17% of SMEs feel their high street bank fully understands the specific challenges of their business, according to Close Brothers’ quarterly business barometer of 900 UK SMEs. Only 24% said that their bank offers a range of products suitable for their business. Previous research found that just 41% of UK SMEs accessed funding through […]

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“Significant numbers” face interest-only repayment shortfalls: FCA

The FCA has raised concerns over lender engagement rates with interest-only mortgage borrowers, warning that “that a significant number of interest-only customers may not be able to repay the capital at the end of the mortgage”. The regulator is urging interest-only borrowers to contact their lender to discuss payment options, saying it is “concerned that […]

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Carillion collapse shines light on late payment epidemic

The Times’ James Hurley looks at how the collapse of Carillion has exposed Britain’s “late payment epidemic” and the government’s efforts at resolving it. Industry bodies say Carillion was a member of initiatives designed to tackle late payment, including the prompt payment code and a “supply chain finance” initiative, giving it a veneer of respectability, when in […]

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Analysts predict strong start to 2018

Economists are predicting positive GDP and employment figures for the final quarter of 2017, with economic growth expected to be 0.4% for Q4 pushing GDP up 1.8% for the year. Analysts also predict the jobless rate will stay at 4.3% and may even fall to as low as 4% in 2018.   Click here for […]

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