July data from the third edition of the NatWest UK Small Business PMI® report showed a pick-up in activity at UK small businesses, in a further sign of operating conditions gradually improving following the lifting of lockdown measures. However, the pace of recovery remained uneven and lagged behind that seen among larger companies. The new […]
A phone recycling comparison business is set for further growth after buying its Maidstone headquarters with the support of Lloyds Bank. Kent-based Compare and Recycle has bought Sterling House on Ashford Road, where its team has been based for the last six years, thanks to a funding package from its longstanding banking partner. It now […]
HM Treasury figures published today reveal that over 1.23 million businesses in the UK have now been supported by lenders through government-backed coronavirus lending schemes. 17 million small and micro businesses have accessed a loan through the Bounce Back Loan Scheme (BBLS) to help support them through the pandemic. Over 60,400 businesses impacted by Covid-19 […]
The British Business Bank has published Future Fund data that gives a detailed picture of the 590 companies that have been approved for £588.3m worth of Convertible Loan Agreements since the scheme was launched on 20 May. There have been 902 applications in total in the first three months of operations. This data shows where […]
Codat – a London-based technology company that connects the internal systems of small businesses to banks, fintechs and other financial institutions, allowing business data to flow back and forth in real time, has been awarded £2.5m by BCR (Banking Competition Remedies). The funding will be used to open up Codat’s API on a self-serve basis, […]
Bespoke property developer, Featherstone Homes, has successfully transformed a former MOT garage and bus depot into new homes and commercial units in a £9.1m redevelopment project. South London-based Featherstone’s flagship scheme in Streatham comprises of 30 new homes with new commercial spaces at ground floor level. Previously a collection of single-storey light industrial buildings, the […]
A Challenger Bank is celebrating reaching a “momentous milestone” having now lent over £250m to its customers in just less than three years. Redwood Bank has continued to lend money over the course of the COVID-19 pandemic, helping out a number of small and medium sized enterprises (SMEs). The Bank has loaned nearly £100m since […]
Genesis Asset Finance (Genesis) has secured a new £1m block discounting facility from Wesleyan Bank. The additional funding will enable Genesis to continue to support businesses under the Coronavirus Business Interruption Loan Scheme (CBILS), as well as underpinning its own growth ambitions. To date, Genesis has approved over £1.1m of CBILS facilities for existing and […]
Funding Xchange, the leading SME finance technology platform has been awarded £5m by BCR as part of the Pool E allocation of the RBS Remedies fund. Funding Xchange was founded in 2014 to transform the SME lending market with the core aims of making SME finance more accessible, affordable, and sustainable. The technology at the […]
The majority (55%) of UK SMEs are being paid later as a result of the pandemic in a trend which is threatening the economic recovery, according to Bibby Financial Services (BFS). More than a third (36%) of SMEs have seen payment times increase by more than three weeks, while 28% have seen an increase in […]
