More than 1 million UK businesses supported under COVID-19 lending schemes

The banking and finance industry has supported more than one million UK businesses with lending schemes to help them through the Coronavirus crisis, according to new figures published by HM Treasury. Facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILs). The number of finance agreements approved is around 14 times higher than the long-term quarterly average for this time of year.

More than 1 million UK businesses supported under COVID-19 lending schemes

Jun 30, 2020

The banking and finance industry has supported more than one million UK businesses with lending schemes to help them through the Coronavirus crisis, according to new figures published by HM Treasury. Facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILs). The number of finance agreements approved is around 14 times higher than the long-term quarterly average for this time of year.

Global experts recommend $3tn post-Coronavirus investment in green initiatives

The International Energy Agency (IEA) is calling for a massive investment in green energy to boost global economies and protect the environment. Its World Energy Outlook special report creates a vision of a post-carbon economy, with $3 trillion invested in renewable alternatives by 2024.

Global experts recommend $3tn post-Coronavirus investment in green initiatives

Jun 25, 2020

The International Energy Agency (IEA) is calling for a massive investment in green energy to boost global economies and protect the environment. Its World Energy Outlook special report creates a vision of a post-carbon economy, with $3 trillion invested in renewable alternatives by 2024.

Hitachi Capital Business Finance reports jump in lending and profits despite challenges at end of its financial year

Hitachi Capital Business Finance has achieved record annual rises in profits and new business despite a challenging March as its financial year came to an end. Profits rose 19% to £24.6 million and the total asset portfolio increased 7% to £1.3 billion. The business division also paid out £1.2 billion in new business, up 34% on last year’s £0.9 billion. As the Coronavirus crisis began at the end of its financial year, it participated in the Coronavirus Business Interruption Loan Scheme (CBILS) the day after its announcement on March 23.

Hitachi Capital Business Finance reports jump in lending and profits despite challenges at end of its financial year

Jun 18, 2020

Hitachi Capital Business Finance has achieved record annual rises in profits and new business despite a challenging March as its financial year came to an end. Profits rose 19% to £24.6 million and the total asset portfolio increased 7% to £1.3 billion. The business division also paid out £1.2 billion in new business, up 34% on last year’s £0.9 billion. As the Coronavirus crisis began at the end of its financial year, it participated in the Coronavirus Business Interruption Loan Scheme (CBILS) the day after its announcement on March 23.

EMEA

DLL partners with European Investment Bank to provide €400 million to finance SME’s sustainability ambitions

Jun 12, 2020

A new €400 million fund is being established to finance and support SMEs in Spain and Italy, and contribute to a greener economy. The European Investment Bank (EIB) has partnered with equipment and technology asset finance company DLL, to deliver the funds. EIB has provided €200 million in financing to DLL, and DLL is set to provide a further €200 million. The partnership is expected to strengthen DLL’s leasing solutions for the transport, machinery and bio-economy sectors and will be utilised by the company to increase its support of sustainability investments for Spanish and Italian SMEs.

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.