The Business Finance Bulletin is a weekly podcast featuring small business news, tips, ideas and strategies on raising business finance.
This podcast is hosted by Rob Warlow from Business Loan Services, the commercial finance experts.
Start Up Boom; Start Up Loan Company Milestone; and Importance of Your Credit Score
Kicking off our latest Bulletin, a report from UHY Accountants finds that the UK is in a business start up boom. The figures from HMRC reveal that more businesses were started in 2020 compared to 2019 as people had the opportunity to start up the business of their dreams.
Staying with start ups, we look at the announcement form the Start Up Loan Company that it has hit a new milestone in terms of money lent out and the number of new businesses supported.
To close, a survey from TSB highlights how few people are either aware of what a credit score is or of their score. When it comes to borrowing money, we look at how important your credit score is.
Business Growth Prospects; Unsecured Business Finance Demand; and Latest Insolvency Figures
To start this week’s Business Finance Bulletin podcast, research from Hitachi Capital Business Finance has revealed that businesses are now less fearful of contraction or collapse compared to last year. The swing in confidence is a signal that businesses are seeing growth prospects again.
When businesses get back into a growth phase, that typically brings with it a need for additional working capital. This has been borne out in a survey from unsecured business finance provider Iwoca. We look at the findings which highlight an increase in demand for short term, unsecured finance.
Wrapping up this Bulletin, we have our monthly review of the latest insolvency figures. We look at how the number of firms entering into some form of insolvency arrangement is on the increase.
Final Bounce Back Loans & CBILS Figures; Tide Bank Credit Builder; and Asset Finance Usage Increases
Opening this Business Finance Bulletin, after being the key source of finance for 12 months the final figures are out for the Bounce Back Loans and CBILS schemes. The figures reveal the extent of finance taken on by businesses and now it is payback time.
For start ups and smaller businesses getting on the ladder to build a credit score can be difficult, but a new service announced by Tide Bank will ease this problem. Tide’s Credit Builder is designed to help smaller businesses create a credit footprint thereby making future access to finance easier.
To close, we review the latest figures from the Finance and Leasing Association which reveals a significant return to usage of asset finance facilities such as leasing and HP. This is a good sign of the continuing return of confidence among businesses.
Wrongful Trading is Back; Prompt Payment Code Changes; and Cashflow Planning
Although the moratorium on Statutory Demands and Winding Up petitions was recently extended, the moratorium on Wrong Trading was not. Opening this latest Bulletin, I look at how the reintroduction of Wrongful Trading with effect from 1st July could impact company Directors.
Late payment continues to be concern for small businesses, but I have good news with changes to the Prompt Payment Code now coming into effect. We look at the new commitment signatories to the Code made have in terms of paying small business invoices quicker than before.
To wrap up this edition, a look at how with sales increasing for many businesses, now more than ever is the time to plan your cashflow requirements for the next few months.
Tackling Financial Distress; Credit Industry Expert Support; and Tide Bank Cashflow Insights
Economic recovery can often bring another set of challenges to manage and being able to spot and tackle financial distress is important. Opening the latest Business Finance Bulletin podcast, we look at a new guide from R3 on identifying financial distress and the options available to deal with it.
Having access to support and guidance from industry experts is always welcome. A number of credit experts have launched a support group to assist businesses with questions on how to manage credit-related problems. Could this resource help you avoid falling foul of late payment and bad debts?
Managing cashflow is a key priority for any business. To wrap up this Bulletin, we review the forthcoming launch of Tide Bank’s Cashflow Insights app which is designed to help businesses better forecast and control their cash position.
Insolvency, Statutory Demand & Winding Up Petitions; UK Infrastructure Bank; & Small Business Equity
Companies entering an insolvency arrangement is starting to increase. Opening this Business Finance Bulletin podcast, we review the latest insolvency figures and the government’s extension to the Statutory Demand and Winding Up Petition moratorium. Will this continue to keep insolvencies low?
As part of the government’s strategy of ‘levelling up’, we have news of the launch of The UK Infrastructure Bank. Whilst it won’t directly lend to small business, will there eventually be a positive knock-on effect?
To close, a review of the latest annual Small Business Equity Tracker report reveals that 2020 saw the largest amount of equity investment made in small and medium-sized businesses.
Rob is an expert when it comes to financing business and the podcasts are full of great tips on accessing funds for growing your business, especially when banks say no!