Opening the latest Business Finance Bulletin, we review a report from the British Business Bank looking at the business borrowing market in 2020. Not surprisingly the report reveals that businesses took on an unprecedented level of debt.
With businesses going full out on CBILS and Bounce Back Loans the alternative finance sector, which was booming up until 2020, has taken a hit with falling demand. We look at news of one of the first casualties with Nat West’s announcement that ESME Loans is closing its doors.
To close, the roll out of Open Banking takes a step forward with news that 9 of the main High Street banks are to join forces to spearhead a joined-up approach to deliver a consistent offering.