Finance News

Business banking figures suggest better times ahead for small businesses
New figures released by the banking industry show that the number of new business bank accounts opened in March and April were significantly higher than in 2008, pointing towards more evidence that an economic recovery could be underway. [June 18, 2009]

Trade credit insurance scheme flawed according to experts
The Government's much-heralded trade credit insurance scheme for small companies falls short of the mark, according to financial services experts, as it is only expected to run until December 2009, and doesn't cover debt issues at the smaller end of the spectrum. [June 8, 2009]

Small businesses urged to credit check customers
New research suggests that the vast majority of small companies don't credit check new clients and customers, at a time when cashflow management couldn't be more important. [June 1, 2009]

Business angels profit from investing in startups
New research shows that business angels stand to make a significant profit by investing in start-up companies, with an average rate of return of 22% over four years. [May 26, 2009]

Late payment costing small firms thousands in bank charges
As late payment problems worsen as the recession continues, a survey has found that 35% of businesses estimate that late payments cost them over £10k per year in bank charges and administration costs. [May 26, 2009]

New code of conduct launched to ease late payment problems
Business leaders have been urged to sign up to the Government's 'Prompt Payment Code' to help ease late payment problems for small companies. Includes overview of how businesses can comply with the Code. [May 19, 2009]

Free guide to help small businesses secure investor funding
A leading business investment agency has launched a free guide to enable small companies to secure funding in a difficult economic environment. [May 5, 2009]

Calls to increase tax relief on European Investment Scheme funding
An alternative investment company is calling for an increase in the amount of tax relief available for investors in Enterprise Investment Schemes (EIS) to help start-up companies secure finance during tough economic times. [April 9, 2009]

Late payments to small businesses soar as recession bites
Ongoing research by Bacs shows that the UK's small companies are now owed nearly £26 billion in late payments, a rise of nearly 40% from the same time in 2008. Businesses are urged to take responsibility and try to confront the problem. [March 16, 2009]

Mandelson forced to defend Enterprise Finance Guarantee Scheme
Lord Mandelson has been forced on the defensive following recent criticism of the Enterprise Finance Guarantee Scheme. Not only has bank lending continued to fall rapidly since the scheme was launched, but it has been revealed that there is also a 'cap' on the amount of EFG scheme lending due to EU restrictions. [February 24, 2009]

Invoice finance - SMEs might benefit from 'alternative finance' during downturn
A leading invoice financing company has urged SMEs to consider using alternative finance options before considering insolvency. Whereas access to traditional forms of credit may have dried up, invoice finance lending has actually increased in recent months. [February 17, 2009]

Small companies could save on employee benefits costs
As more small company owners are faced with the possibility of making staff members redundant, many businesses could make savings by reviewing the cost of the benefits - such as group pension, life and healthcare policies - they provide to employees. [January 13, 2009]

Bank of Essex could show high street banks how to help small firms
As small firms continue to have difficulties raising money from their high street banks, Essex county council has come up with an ingenious way of helping local businesses weather the economic storm - by creating its own bank. [December 3, 2008]

Small businesses accuse government of failing them
77% of small business owners responding to a recent survey feel that the UK government is failing small businesses by not doing enough to help them through the current economic crisis. [November 17, 2008]

Accountants urge businesses to look out for insolvency warning signs
A leading accountancy body has urged small companies to be alert to the classic signs of insolvency in their businesses, or in companies they deal with. [November 6, 2008]

Banks still lending to small businesses despite 'crunch'
Despite the daily media coverage of the 'credit crunch', new data reveals that the major high street banks are still lending to small businesses. In fact, term lending actually grew by 11% in the year to June 2008. [September 16, 2008]

"Personal accounts" will impact small business pension schemes
An expert report into the Government's planned shake-up of small firms' pension schemes via the introduction of "personal accounts" suggests that many existing schemes will be forced to close as they won't meet the proposed exemption tests. [September 8, 2008]

Encouraging prompt payment could help SME's through economic gloom
As new figures show that most SME's have already been affected by the slowdown in some way, Bacs have provided some tips to encourage prompt payment from clients. [September 2, 2008]

Government pulls funding for late payment advice site
With quite ironic timing, it appears that Government funding has ended for a well-known late payment advice site, the Better Payment Practice Group. The organisation was initially set up to encourage businesses to improve their payment practices. [August 7, 2008]