Time Finance achieves new lending milestone
Time Finance achieves new lending milestoneSep 21, 2023
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SocGen open to sale of Equipment Finance unit in strategy review, sources saySociete Generale is open to a sale of its Equipment Finance business as the French bank's new CEO Slawomir Krupa embarks on a broad strategic revamp, people familiar with the company told Reuters.
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Aldermore delivers solid FY23 results amidst challenging economic conditionsAldermore Group has posted a 9% growth in profit before tax to £222.5m, compared with £204.7m in FY2022. The Group delivered both solid lending and customer deposit growth, supported by improved margins, whilst continuing to invest in the business.
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Millbrook reports record 12-month growth figures on its 3rd anniversaryMillbrook Business Finance, a UK broker in the business finance market, is celebrating its third anniversary with record 12-month growth figures. During this period, revenue has increased by 120%, coupled with a 45% rise in the value of finance arranged.
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Close Brothers Leasing provides funding to Lynher EnergyClose Brothers Leasing’s Energy team has provided a £52.7m facility to Lynher Energy to help finance the development and construction of multiple renewable energy assets, including the 26.1MW Twitch Hill Solar Farm.
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Cautious optimism continues to return for UK SMEs, according to new researchClose Brothers Asset Finance’s Business Sentiment Index (BSI), which measures SME business confidence, has risen modestly for the second consecutive research period, reversing 2022’s downward trend.
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4 in 10 manufacturing SMEs think global conditions are worse than during the pandemicThe latest research from Bibby Financial Services (BFS) reveals that small and medium sized (SME) manufacturing businesses across the globe are being significantly impacted by current economic conditions.
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InterBay Asset Finance celebrates five years of successInterBay Asset Finance, the asset finance division of OSB Group, has been celebrating its fifth year in operation this week. The provider of hire purchase, finance leasing, and refinance solutions has been helping customers across the UK for half a decade.
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BBI commits £30m to Panoramic SME III FundBritish Business Investments has committed £30m to the Panoramic SME III fund as part of a final close of £100m. This commitment will allow Panoramic to fund growth opportunities and management transitions for smaller businesses across the UK.
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Small business survey reveals optimism for SME sectorThe Department for Business and Trade has released its latest Small Business Survey for the period of November 2022- April 2023, surveying over 7,000 SMEs in the UK, reviewing their overall performance and external factors impacting it.
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Government will miss inflation target this year, brokers predictThe vast majority of SME finance experts expect the Government to miss its target of halving inflation by the end of the year, iwoca’s latest Q2 2023 SME Expert Index finds. The new research, carried out with over 100 SME finance brokers who collectively submitted nearly 1,000 loan applications in June, reveals that three quarters (75%) expect inflation to remain above 5.4% at the end of the year.
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ELFA’s new business volume down 2% in JulyThe Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for July was US$9.9 billion, down 2% year-over-year from new business volume in July 2022.
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UK SMEs ramping up innovationAgainst a backdrop of rising interest rates, UK small and medium-sized businesses (SMEs) are embracing innovation to mitigate rising costs and maintain their competitive edge, according to the latest Barclays Business Barometer.
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British Business Investments announces £20m Tier 2 facility with Cambridge & Counties BankBritish Business Investments have announced a new £20m Tier 2 capital facility for Cambridge & Counties Bank Limited. Funds raised from the facility will enable Cambridge & Counties Bank to increase its volume of competitive lending to smaller businesses over and above levels it might have otherwise been able to provide.
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Simply Asset Finance recognises strong growth in landmark year for businessIn a standout year so far for Simply Asset Finance, the specialist business lending provider has seen impressive profits of over £3.2 million, lent over £152 million to UK businesses and secured 1,786 new agreements. This has resulted in the business opening a new office in Liverpool and appointing 13 new hires this year alone to support its rapid growth trajectory and bolster the team.
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80% of UK SMEs are committed to sustainability, according to Rimm Sustainability reportA new report from Rimm Sustainability reveals an impressive level of commitment to sustainability practices amongst UK SMEs. The report, “Leading the Charge on Sustainability: Moving from Awareness to Action” canvasses the views of 500 C-suite executives from SMEs from a range of industries across the UK, and explores the level of awareness, commitment and action taken by leaders to embed sustainability into their businesses.
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Cynergy Bank secures £20m tier 2 capital facility from British Business InvestmentsCynergy Bank has announced that it has secured a £20 million Tier 2 capital facility from British Business Investments. The capital will be deployed across Cynergy Bank and Cynergy Business Finance.
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British Business Bank agrees increase of £75m to ENABLE Guarantee with DF CapitalThe British Business Bank has agreed a portfolio increase of £75m to specialist commercial lender DF Capital’s existing ENABLE Guarantee. This transaction builds on the £175m ENABLE Guarantee announced in January 2023, taking the total facility size to £250m.
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