UK finance brokers’ deals collapse in March as small businesses confidence wanes

Broker-introduced finance covering all asset sectors is collapsing in the UK. The UK Finance & Leasing Association (FLA) reports that for March 2020 total asset finance introduced by brokers fell by 25% to £507 million. The drop reflects closely the decrease in new business shown across the asset finance range as a whole where the total figure of £2.8 billion for March 2020 represented a fall of 28% for the month. However, for financing intermediaries such as brokers the UK government’s lockdown policy presents an even greater challenge. Especially since small businesses are UK brokers’ lifeblood – and they themselves are “battening down the hatches”.

UK finance brokers’ deals collapse in March as small businesses confidence wanes

May 12, 2020

Broker-introduced finance covering all asset sectors is collapsing in the UK. The UK Finance & Leasing Association (FLA) reports that for March 2020 total asset finance introduced by brokers fell by 25% to £507 million. The drop reflects closely the decrease in new business shown across the asset finance range as a whole where the total figure of £2.8 billion for March 2020 represented a fall of 28% for the month. However, for financing intermediaries such as brokers the UK government’s lockdown policy presents an even greater challenge. Especially since small businesses are UK brokers’ lifeblood – and they themselves are “battening down the hatches”.

Rallying the industry: Small businesses boosted by bounce back loans but some concerns remain

UK small businesses are set to benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. UK chancellor Rishi Sunak announced on Monday 27 April that the new Bounce Back Loans scheme, which will provide loans of up to £50,000, to small and micro SMEs, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

Rallying the industry: Small businesses boosted by bounce back loans but some concerns remain

Apr 29, 2020

UK small businesses are set to benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. UK chancellor Rishi Sunak announced on Monday 27 April that the new Bounce Back Loans scheme, which will provide loans of up to £50,000, to small and micro SMEs, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

Rallying the industry: Equipment lessors still in “battle station” mode as pandemic impact hits

The global equipment finance industry is navigating uncharted waters with the coronavirus Covid-19 pandemic. After speaking with a range of equipment lessors concerning this disruptive issue, The Alta Group, in a new report Perspectives on Coronavirus impacts and how the industry will respond, realized that equipment finance executives are looking for reliable insights at this time.

Rallying the industry: Equipment lessors still in “battle station” mode as pandemic impact hits

Apr 08, 2020

The global equipment finance industry is navigating uncharted waters with the coronavirus Covid-19 pandemic. After speaking with a range of equipment lessors concerning this disruptive issue, The Alta Group, in a new report Perspectives on Coronavirus impacts and how the industry will respond, realized that equipment finance executives are looking for reliable insights at this time.

Americas

CIT upgrades B2B point-of-sale lending platform

Feb 20, 2020

The small business solutions arm of CIT Group has launched a new version of its point-of-sale lending platform. The platform is available online and on mobile devices to simplify financing for small business purchases of $2,500 or more. Business customers can shop for products, be approved for credit, select terms and receive electronic documents to secure their purchase electronically. The platform also provides real-time monthly payment quotes and automatically sends electronic documents to customers for review and e-signature.

Asia Pacific

Brand value of world’s largest banks contracts for first time since financial crisis

Feb 19, 2020

The total brand value of the world’s 500 largest banks has declined for the first time since 2009. Research by independent brand valuation consultancy Brand Finance found the global brand value of the top banks fell from $1.36 trillion at the start of 2019 to $1.33 trillion for 2020. Chinese banks occupy the top four places in the Brand Finance Banking 500, with ICBC retaining first place overall. It is the country’s biggest lender with 600 million customers.