Stark net zero gap revealed among UK SMEs
Stark net zero gap revealed among UK SMEsDec 11, 2023
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Cynergy Business Finance celebrates supporting over 200 UK businesses within first two years of tradingCynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, marked two years of trading with a total of 211 new customers and associated funding limits reaching £346m.
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Paragon Bank’s SME lending division grows loan book as lending increasesParagon Bank’s SME lending division grew its loan book by 5.0% in the 12 months to 30 September 2023 as new lending edged up. The SME lending loan book at the end of Paragon Banking Group’s full-year period, announced today, stood at £757.5 million, compared to £721.7 million at the same point last year.
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Simply Asset Finance secures £20m block discounting facility from Cynergy Business FinanceLondon-based asset finance provider, Simply Asset Finance, has secured a £20m block discounting facility from Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank.
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Propel Finance surpasses £500m lending milestonePropel Finance is now managing more than £500 million of lending to UK SMEs, originated through ‘Propeller’, its proprietary digital platform. As the fastest-growing asset finance provider in the UK, this milestone reflects the demand from UK businesses to finance investment in vital equipment.
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Time Finance reports shift in trends in asset finance as SME demand climbsNew figures from Time Finance have revealed changing appetites amongst SMEs for financing for the long-term as demand for hire purchase and refinancing rise throughout 2023.
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UK SMEs cite tariffs, customs and trade barriers as their greatest challenge to trading overseasNew research from SME funder, Bibby Financial Services, reveals an increasingly tough environment for small businesses trading overseas in post-Brexit Britain. A clear majority (58%) cite the collective impact of high tariffs, and customs and trade barriers as the key challenge they face. This is compounded by additional adverse factors, including: the cost of doing business overseas (49%); currency fluctuations (41%); and political instability in target markets (15%).
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Shawbrook celebrates milestone as mid-market funding surpasses £1bnShawbrook has marked a significant achievement, with its corporate lending business now providing over £1 billion in specialist funding for mid-market SMEs in the UK. This milestone underscores the bank’s commitment to unlocking growth for small and medium-sized enterprises by providing them access to the type of tailored funding options that are traditionally only available to larger corporations.
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White Oak lends £40m to support the growth of Scottish SMEsNon-bank lender, White Oak, has provided £40 million to Scottish SMEs so far this year as it continues to champion the growth of small businesses across the country. White Oak has partnered with small businesses across Scotland to provide them with tailored solutions for their unique financing needs. More than 15% of White Oak’s lending activity was concentrated in Scotland last year, and the firm is looking to exceed this target by the end of this year.
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SMEs growth opportunities at risk without government attentionWith interest rates likely to remain high for the foreseeable future, SMEs are reassessing their outlook and trying to set a clear course for the future. But according to research from Simply Asset Finance, the specialist business lending provider, significant gaps remain around the support on offer.
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Time Finance facilitates management-buy-in with £900k ABL facilityTime Finance has successfully completed a £900,000 asset based lending (ABL) facility which has been used to facilitate the management-buy-in (MBI) of established wastewater services provider Active Pump Services Limited. The multi-product facility was secured by commercial property, receivables and moveable assets, and underscores Time Finance’s experience in creating tailored financial solutions that support business growth plans and acquisitions.
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Approved Business Finance partners with concrete specialists UtranazzMilton Keynes-based asset finance brokerage, Approved Business Finance, has announced an exclusive finance partnership with concrete equipment specialists, Utranazz. Approved Business Finance is now the trusted finance partner of Utranazz, providing a streamlined process that allows the concrete equipment specialists to finance equipment and vehicles for its customers within minutes, primarily focused on the plant sector.
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Praetura Asset Finance marks 10th anniversary with record support for UK SMEsPraetura Asset Finance (PAF) has broken its annual deal number total in 2023, as it celebrates 10 years funding UK SMEs. PAF has increased the number of SMEs it has provided funding to by more than a third so far this year, with a 26% rise in the total amount of capital provided. The latest figures means that PAF has surpassed record figures for three consecutive years.
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Autumn Statement 2023: Businesses need conditions for growthAmidst rumours that the Government’s upcoming Autumn Statement will feature moderate measures to help SMEs, Ed Rimmer, CEO of alternative finance provider, Time Finance, stresses the importance of keeping business confidence alive in the face of rumbling uncertainty.
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Shawbrook hits £50m milestone in asset finance transactions using enhanced digital decisioning serviceShawbrook has announced a significant milestone, having now funded over £50 million in asset finance transactions through its digital decisioning service for flow business. Introduced in 2022, the broker portal allowed brokers to upload deals and perform initial checks. New technology releases means that brokers can also now obtain an agreement in principle (AIP) for deals under £250k in less than 24 hours.
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Cost-of-living crisis exacerbating cash flow issues for many SMEsMillbrook Business Finance, a broker in the business finance market, has today revealed details of its latest survey of SME business owners. It found that for nearly half (48%) of respondents, cash flow is the largest single challenge that their businesses are facing. This is followed by the cost-of-living crisis (32%) and energy prices (30%).
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New technology solution supports saving over a million electronic devices from becoming landfillLombard, the asset finance arm of NatWest Group, Rigby Capital, and SCC, have today announced a new collaboration supporting an as-a-service solution that aims to stop over a million electronic devices such as company mobile phones and laptops from becoming landfill over the next five years.
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Lack of funding has prompted one in ten SMEs to foldOne in ten SMEs that have struggled to access funding eventually folded according to research from Shawbrook, highlighting the need for specialist finance in the SME sector. Indeed, Shawbrook’s research amongst senior decision makers at small and medium-sized businesses found that three quarters (72%) had experienced difficulties accessing funding.
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