UK businesses put the brakes on lending

UK businesses put the brakes on lending

Higher borrowing costs and uncertainty about the UK’s economic future are stirring up the waters of business lending. Throughout 2023, the Bank of England’s agents reported that businesses were not as keen to take out new loans as they had been in previous years. Pricier borrowing and a shaky economic outlook were thought to be the main culprits to the decline in new loans. Interest rates on new loans for small and medium-sized enterprises (SMEs) hit record highs in 2023, according to Bank of England data.

Funding for Business Expansion

Funding for business expansion

Funding for business expansion is often the first thought when expanding a business. Strategic business expansion presents a significant opportunity to solidify your market position and achieve new heights. However, navigating this growth journey can be fraught with unforeseen challenges. Here, we’ll explore some of the most common pitfalls encountered during expansion and provide actionable strategies to mitigate risk and ensure a successful outcome.

Inflation, Insolvency, and Invoice Finance

Inflation, Insolvency, and Invoice Finance

So far this year we have seen dynamic changes to the UK economy and landscape. In this blog we will be discussing key factors and figures to date, such as inflation and insolvency rates.

To start, we will recap on the changes that came into effect in April 2024:

Costly Business Mistakes

Costly business mistakes

Unfortunately, many business owners make costly mistakes in their first year of starting up that overtime have a negative impact on their business. In 2023, over 900,000 new businesses were incorporated in the UK.

10 Common mistakes when sourcing funding

10 Common mistakes when sourcing funding

Making the decision to look for additional funding for your business is not one to be taken lightly. There are a number of things you need to consider before you even begin the process. We will explore 10 common mistakes business owners make when seeking funding. Avoiding these mistakes will help ensure you get the best possible financing for your business.

Business Funding in Kent

Business Funding in Kent

Searching “business funding in Kent” AGAIN!?

Small to medium businesses (SME’s) often struggle to find funders who will walk with them through the peaks and troughs of business. Economically, the UK market has been hammered (relentlessly) Although 2024 is in its early stages, we’re already seeing businesses in Kent struggling to stay afloat. Recently, County Council leader Chief Roger Gough discussed Kents economic climate relating to local councils with the need ‘to change and innovate’ which is highly pertinent to local businesses and residents alike.

What is Invoice Finance?

What is Invoice Finance?

What is invoice finance? Through invoice finance, a company sells its accounts receivable (invoices due to be paid) to improve its working capital. And this in turn helps businesses pay employees and suppliers, improve cash flow, and invest in operations and growth earlier than if they had to wait until their customers paid their balances in full. This provides a business with more financial flexibility than most other types of traditional loans.

Preparing for the Spring budget

Preparing for the Spring budget

On the 6th of March 2024 Chancellor Jeremy Hunt will bring forward his second Spring Budget, and with it comes a flurry of speculation and anticipation. For small and medium-sized enterprises (SMEs), the Budget is a key event, offering a chance to see how the government plans to support and stimulate their growth.

A Guide To Rental Agreements

A Guide To Rental Agreements

Your office (or shop) is your businesses home, it will be your hub, your control centre, or whatever name you wish to give it – it’s yours. Running a business in the UK involves navigating legal contracts, and one of the most crucial is the business rental agreement. This document outlines the terms and conditions under which your company occupies a commercial property, safeguarding both the landlord and tenant.

Predictions for UK Spending in January 2024

Predictions for UK Spending in January 2024

2023 was a complicated year for UK households and its businesses. Insolvencies stood at an all-time high; how do you think 2024 will take off? Let’s take a look into some predictions. The Office for Budget Responsibility (OBR) has forecast that UK household final consumption expenditure (HHFCE) will grow by 0.3% in the first quarter […]