When the Recovery Loan Scheme was launched in April, the number of accredited lenders on the panel was limited. With the panel lenders now expanding, in our latest Business Finance Bulletin we review the new lenders focused on specific regions of the country and how they are broadening the Scheme’s reach.

Business is tough enough as it is but identifying and dealing with fraud can be an unwarranted distraction. HSBC has announced the launch of an app designed to flag new scams and keep you up to date with trends in fraud and cyber crime. Could this app help you keep away from the fraudsters?

To close this Bulletin, we review the latest figures from the Finance and Leasing Association which reveal that HP and Leasing deals are on the increase. Following the easing of restrictions, it seems that businesses are again beginning to re-invest.

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If you prefer to read what’s featured in this Bulletin, here is a transcript.

Regionally-focused lenders are starting to offer finance under the Recovery Loan Scheme. HSBC launches fraud awareness app; and the latest asset finance figures shows that growth is back. All of this in the latest Business Finance Bulletin.

Recovery Loan Scheme Lenders

Let’s start this Bulletin with an update on the Recovery Loan Scheme.

First of all, a quick reminder of what the Recovery Loan Scheme is. Well, it’s the replacement for CBILs and Bounce Back Loans. It’s designed to give funding to businesses who are now looking for growth money, or recovery money.

Those lenders who have applied to go onto the panel and been successfully accredited by the British Business Bank will now be able to offer finance to those businesses who were looking to expand the game. When the scheme was launched at the beginning of April I mentioned that the panel was quite tight, quite small, but I said, towards the end of May, early June, we would see the panel beginning to expand. And that has now happened.

The good thing to see is that we’re starting to see more regionally-focused lenders being accredited under the scheme. These lenders are very much focused on certain areas of the country, which would benefit smaller businesses because they will be a much more interested in supporting smaller businesses in those areas.

Who are these lenders Who’ve been accredited to the Scheme?

We’ve got ART Business Loans, covering the West Midlands; BCRS covering the West Midlands as well; Enterprise Answers covering Cumbria, North Lancashire and the Yorkshire Dales; and GC Business Finance covering Greater Manchester.

So you can see the North of England is well represented. If you’re in those areas, hunt out those lenders, because they may be able to support you.

We’ve also seen other additions to the panel. The bigger lenders announced in the last two weeks are Starling bank and also Funding Circle. Funding circle, had about 27% of the CBIlS loan market last year, so no doubt they’re going to be a big player in this.

It’s great to see that the panel is now expanding. If you want to know if you can be eligible and want to know a little bit more about the Recovery Loan Scheme, we’re happy to have a chat. Just drop us an email info at business loan services.co.uk and we’ll happily chat with you about all of the options available to you.

HSBC Fraud and Cyber Awareness App

In the current business environment it can be hard enough to make money as it is, but even tougher if you lose that money to fraudsters. According to the National Crime Agency, businesses are losing up to £140 billion per year to fraud. HSBC have come up with a great idea; they are launching a free app to download called Fraud and Cyber Awareness app.This app will help you keep on top of the new trends in scams.

First, a quick look at the top three scams that HSBC have identified.

First of all, purchase scams where non-existent products are bought. That’s costing businesses on average £3,000 a year. Invoice scams, that’s costing businesses, £24,000 a year. And impersonation scams; that’s costing on average £6,500 per business.

So we can see there’s a lot of money to be lost here.

This app is a great addition to your toolkit to keep you aware of what’s going on in the world. When you download the app, the app will give you notifications of the latest scams of all the new trends going on. So it means that you can get on with doing your business and rely on the app then to keep you up to date and what to look out for.

If you’re interested in downloading this app, all you have to do is go to the HSBC website

A great addition to your toolkit to make sure you keep the money in your bank account, not the fraudsters bank.

Asset Finance and Business Growth

Good news coming out, confirming that business activity, starting to get back on track again.

The latest figures have been released from the Finance and Leasing Association, which shows the deal volumes of asset finance facilities are starting to increase again.

The members of the Finance and Leasing Association offer products such as HP and leasing and deal volumes for March have been released.

There’s been a 15% increase in the amount of business done in March, 2021 compared to March 2020. In the first quarter of this year, compared to the first quarter of 2020, the volumes were only up by 1% though, but it’s good to see volumes increasing in March overall.

However, on a 12 month basis to March the volumes over the whole 12 months is down by 20%, but at least we’re starting to see some traction coming back into the marketplace.

Where’s the deal volume coming from? Commercial vehicles, that’s leading the pace with a 20% increase in the amount of deals written in March and also business finance equipment, That’s up 14%. So it’s good to see the businesses are starting to reinvest again. I am sure that doing April and May, those figures would show further increases.

If you want to know more about asset finance and whether it could work for you and your business to get in touch with us, just drop us an email info at business loans services.co.uk. It is good to see the UK economy getting back on track

Wrap Up

That’s it for another Bulletin. As ever, I hope you enjoyed watching it and if you did, please, don’t forget to give it a like, a share and subscribe to this channel. Thanks very much and I Look forward to the next time. In the meantime, have a successful and profitable week.

In the latest episode of the Business Finance Bulletin we share news of the launch of Peer Funding, a new player in the Peer to Peer finance world. What do they have to offer growing businesses in need of finance?

Regional loan funds are a growing source of finance for small businesses and those operating in Worcestershire will now benefit from a new loan fund. We look at how the fund is designed to help those local businesses which aren’t getting support from traditional lenders.

Turning back to the alternative finance world we look at the latest statistics from the Peer to Peer Finance Association on how the sector performed in terms of money lent in the 3rd quarter of this year.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

In this episode of the weekly Business Finance Bulletin Rob Warlow examines current trends in late payment with news from the Asset Based Finance Association that despite improving economic conditions late payment problems are on the rise.

Continuing on the theme of late payment online accounting provider Crunch has identified within the world of self employment which businesses are best and worst when it comes to chasing payment. Are you one of them?

Locally run business loan funds are a useful source of alternative finance for smaller businesses and Rob looks at one fund run by Staffordshire County Council and the success it has had in supporting local businesses.

In the crowdfunding world Rob shares news from Market Invoice, the online invoice discounting solution, of another round of funding granted to it by the British Business Bank.

Despite a few hiccups lately in terms of growth and business confidence Rob looks at the findings of a survey from American Express Small Business Services which reveals that businesses are reporting strong growth and confidence for the future.

And in the Business Finance Tip of the Week a clip from an interview in which Rob talks about the typical cash contribution you have make to a deal to get your bank on board.

You can also listen to this week’s episode or download to listen to late via clicking below, or by visiting our Soundcloud or itunes channels.