Tag: SMEs

BoE Governor: QE may not boost lending

BoE Governor: QE may not boost lending

Mervyn King, the Bank of England’s Governor, has confessed that the latest round of stimulus is not guaranteed to boost lending to SMEs. The ongoing lack of credit to SMEs has been a major concern for the Government as these companies are the key to job creation in the UK and are expected to be [...]

October 25, 2011 More
UK banks on track to meet Project Merlin targets

UK banks on track to meet Project Merlin targets

Provisional figures released today have revealed that the UK’s five biggest banks are on track to meet their lending targets under the Project Merlin deal. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all committed to lend £190 billion to all businesses this year. Of this figure, around £76 [...]

August 5, 2011 | 0 Comments More
Study reveals SMEs are getting credit

Study reveals SMEs are getting credit

A report has revealed that the majority of small and medium-sized enterprises (SMEs) are successful when applying for credit. According to the study, more than half (59%) of applicants were successful when applying for a loan, while 72% who applied for an overdraft were successful. The figures come from the latest SME Finance Monitor report [...]

July 11, 2011 | 0 Comments More
UK banks introduce mentoring scheme for SMEs

UK banks introduce mentoring scheme for SMEs

The UK’s five largest banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander, have launched a scheme aimed at providing support and financial advice for small and medium-sized enterprises (SMEs). The initiative comes at a time when banks have come under fire for not lending enough to SMEs. Under the Project Merlin [...]

July 4, 2011 | 0 Comments More
Big five banks miss SME lending target

Big five banks miss SME lending target

Figures published by the Bank of England today have revealed that the “big five” banks loaned £16.8 billion to SMEs in the first quarter – around £2 billion short of the £19 billion target – agreed under the “Project Merlin”. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all [...]

May 23, 2011 | 0 Comments More
Survey reveals VAT hike will hurt SMEs

Survey reveals VAT hike will hurt SMEs

A survey by Aldermore, the banking group, has revealed the recent VAT hike will hurt small and medium sized enterprises (SMEs). According to the survey, around 35% of Britain’s SMEs said the new rate, from 17.5% to 20%, will put a strain on their cash flow and they will need extra funding to cope with [...]

January 24, 2011 | 0 Comments More
PM to deliver speech about the economy

PM to deliver speech about the economy

David Cameron is to deliver a speech today at the CBI’s annual conference and is expected to defend the recent spending cuts, while pledging to create a “new economic dynamism” in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: “This is an incredible opportunity for Britain - [...]

October 25, 2010 | 0 Comments More
Firms collapse due to late payments, according to research

Firms collapse due to late payments, according to research

A report by RBS and Natwest has found a growing number of small and medium-sized firms are suffering as their customers make late payments. While late payments can be a major headache for many companies, it can be particularly harmful to SMEs, who rely on regular incoming payments. If payments do not arrive on time, [...]

April 15, 2010 | 0 Comments More
Report reveals impact cold weather had on SMEs

Report reveals impact cold weather had on SMEs

A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK’s small and medium-sized companies (SMEs) earlier this year. According to the research, the coldest winter in decades cost SMEs more than £7 billion. Seven out of ten small firms were severely affected with snow and ice hitting deliveries [...]

March 16, 2010 | 0 Comments More
BCC survey claims firms still ‘struggling to get finance’

BCC survey claims firms still ‘struggling to get finance’

Business group, the British Chambers of Commerce (BCC), is claiming that small and medium-sized firms are still struggling to access finance. The report comes despite the £200 billion injected into the UK financial system to boost lending. According to the BCC, one third (33%) of companies surveyed said that accessing finance had been more difficult [...]

November 16, 2009 | 0 Comments More
Abbey launches 3.2% business bond

Abbey launches 3.2% business bond

Abbey Business this week launched two new bonds paying up to 3.2% interest and aimed at SMEs. The bonds, available to businesses with a turnover of up to £1 million, are available for business savings between £50,000 and £2 million. The 12 month Fixed Rate Business Bond pays 3.2% gross pa/AER, maturing on 1 September [...]

August 5, 2009 | 0 Comments More
Chancellor faces out banks on lending to SMEs

Chancellor faces out banks on lending to SMEs

The Chancellor of the Exchequer is set for a run-in with the UK’s bailed-out banks this week, over lending to small businesses. The BBC has reported that Alistair Darling is “extremely concerned” that banks are charging high rates to small and medium sized enterprises (SMEs), despite pledges made on commercial lending in return for taxpayer [...]

July 27, 2009 | 0 Comments More
BCC: SMEs ’vulnerable’ to swine flu

BCC: SMEs ’vulnerable’ to swine flu

The director general of the British Chambers of Commerce, David Frost, has warned that small and medium size businesses (SMEs) are particularly vulnerable to the swine flu. Mr Frost told Sky News: “After a dramatic decline in the economy there is a touch more confidence coming back. But if swine flu does really take off [...]

July 19, 2009 | 0 Comments More
Three in Five SMEs unaffected by recession

Three in Five SMEs unaffected by recession

Three in five UK-based small and medium-sized businesses (SMEs) have yet to feel the negative impacts of the recession according to a new study published this week. The poll by Mr Site and PayPal found that almost two thirds of SMEs have not been adversely affected by the economic climate with no downturn in turnover [...]

June 22, 2009 | 0 Comments More
A&L launches 9-month fixed-rate business bond

A&L launches 9-month fixed-rate business bond

Alliance & Leicester (A&L) has launched a new nine-month fixed-rate bond aimed at small and medium sized businesses. The Business Bond pays interest at 2.81% AER (2.80% gross), and matures on 1 March 2010. SMEs with savings between £50,000 and £2 million can open the bond online, on the telephone, or in branch. The bond [...]

May 11, 2009 | 0 Comments More
Government measures including VAT cut not helping SMEs

Government measures including VAT cut not helping SMEs

According to the Federation of Small Businesses (FSB), Government measures including the recent cut in VAT is having little or no impact at all. The FSB said a survey of thousands of small-to-medium businesses (SMEs) revealed that Government measures aimed at improving trade and guaranteeing bank lending are not working. The poll found that more [...]

February 9, 2009 | 0 Comments More
HSBC announces mortgage rate cut

HSBC announces mortgage rate cut

HSBC will pass on last week’s base rate cut to the ‘vast majority’ of its mortgage customers, the bank has revealed. Ninety five percent of mortgage customers on variable packages will benefit from the full 0.5% rate cut, HSBC said. In addition, the bank’s small and medium sized business customers will benefit from the cut [...]

CBI survey warns of tough times for small manufacturing companies

CBI survey warns of tough times for small manufacturing companies

A survey by the Confederation of British Industry (CBI) has revealed that jobs are disappearing at small and medium-sized manufacturing companies at the fastest pace in 20 years. As the UK grapples with what is expected to be a long-lasting recession, SMEs can expect a tough first quarter as demand for goods from UK firms [...]

February 1, 2009 | 0 Comments More
Got a business idea? Act now

Got a business idea? Act now

Twenty nine is the best age for setting up a new business, a recent survey has revealed. Abbey Business Banking asked owners of small and medium sized businesses (SMEs) what they consider the ideal age to go it alone. Twenty nine was the average age given by respondents, although almost a quarter (24%) said 25 [...]

January 15, 2009 | 0 Comments More
Plans underway to boost lending to businesses

Plans underway to boost lending to businesses

Business Secretary Lord Mandelson is set to unveil details of a loan which will kick-start lending to small businesses to help them weather the economic downturn. According to Lord Mandelson, the plans will target ‘genuine business needs‘. It is expected that Lord Mandelson will announce support for up to £10 billion in short-term loans for [...]

January 14, 2009 | 0 Comments More