Small businesses across the UK were given a boost recently, as the European Investment Bank’s (EIB) announced it would provide over £700m of funding to nearly 3,000 small firms through participating national banks.

Read more on Small Business Finance From EIB…

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Businesses are routinely delaying payments to trading partners by forcing them to reissue invoice statements, according to a new survey out today by Credit safe.

Its still a very common factor customers are asking for longer time to pay and yet trade suppliers are asking you to pay more quickly, giving you a massive cash flow squeeze.

Read more on Late Payments – Are your customers not paying yet your suppliers are screaming?…

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The Bank of England Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.5% and to keep the level of quantitative easing at £200 billion.

The MPC is engaged in a difficult juggling act. On the one hand  GDP and money supply figures argue that quantitative easing should be extended, but on the other hand the increase in inflation has exceeded expectations and suggests a need for caution. Our view remains that until money supply growth strengthens further, sustainable recovery will be in doubt.

Read more on Interest Rate Decision Was Unanimous To Hold…

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In a recent survey by the Institute of Directors nearly 60% of businesses seeking bank finance in 2009/10 were rejected by their bank, and that 20% are financing their businesses to some extent with Credit Cards.

Read more on Business Finance – Nearly 60% of UK businesses were refused credit by their banks last year…

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New data from the Continental Research Business Omnibus shows Britain’s SMEs are continuing to regain confidence in their own trading prospects. However, optimism in the overall economy waned in the last quarter of 2009 suggesting that SMEs feel the recession is not yet over.

Read more on SME Business Data…

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It has just been confirm on Radio 4 that Virgin Money is to acquire the regional bank Church House trust for £12.8 million.

Virgin Money will be injecting £37.3 million of new capital into Church House Trust and will be utilised as a platform to move into deposits and mortgages and boost the scale of the business through further deals.

Read more on Virgin Money Buys Church House Trust Bank…

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Enable Finance would like to wish all our friends a Happy Christmas & A Fantastic New Year.

Please note our offices will be closed from the 23rd December and normal business hours will resume on Monday the 4th of January 2010.

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Read more on Merry Christmas From All @ Enable Finance Ltd…

Datamonitor the research and analysis Company have produced a report on changes to consumer behaviour and buying on line within the the personal finance industry their key findings are detailed below.

Read more on Personal Finance – Consumer Attitudes to Borrowing Online…

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Enable Finance Ltd. is pleased to announce that it has renewed it membership of the National Association of Commercial Finance Brokers, (NACFB).

Phillip Evans of Enable Finance commented “NACFB do a fantastic job for Brokers and their customers and are glad to be members”.

Read more on Enable Finance – National Association of Commercial Finance Brokers…

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Asset Based Factoring which is also known as Asset Based Lending can be one of the most dynamic ways a business can fund itself. Enable Finance provide expert help and advise to business owners and Directors when structuring an Asset Based Lending facility

Read more on Asset Based Factoring…

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The National Association of Commercial Finance Brokers (NACFB) has announced the results of its latest annual member survey, revealing a shocking picture of the small and medium sized enterprise (SME) community. 

Read more on Small Business Finance – NACFB Report Shocking Figures…

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The Bank of England has held the bank base rate at 0.5% for the sixth month in a row. It says it will also continue with its £175bn quantitative easing scheme but will not extend it this month.

Read more on Bank Of England Base Rate Held @ 0.50%…

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UK sub-prime lender Cattles has said it may cut as many as 510 jobs at its Welcome Financial Services subsidiary.

In a statement issued this morning the board of Cattles said that as part of an ongoing comprehensive review of the Welcome business, it has proposed the closure of 30 branches where leases have expired or are due to expire, along with a reduction in the number of its sales and support teams.

Read more on Welcome Finance Cuts 510 Jobs…

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A phoenix company is a new company that, like the mythological bird, rises out of the ashes of a failed company and takes on the failed company business. The phoenix company will be typically trading out of the same premises, using the same equipment, same website, same phone numbers, same email addresses and all the customers.

Read more on Phoenix Company, business loans and invoice factoring for phoenix companies…

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Our client contacted Enable Finance Property Team after their existing Bank had taken ages to look at the deal. Once the client had engaged Enable Finance to obtain Property Development Finance our client was agreed a facility within 6 working days.

Read more on Property Development Finance: Residential Case Study…

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Consumer debt in Europe currently stands at £1.49tn and the IMF says that unemployment could lead to £104bn of this total having to be written off.

For the US this figure climbs to £162bn out of a total consumer debt of £1.16tn.

Read more on Credit Card Crisis for the UK…

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80 per cent of financial advisers have revealed their clients’ overdrafts were refused or withdrawn during the past six months, a survey shows.

The findings, based on a survey by Strand Financial of financial intermediaries in June-July 2009, also show that 57 per cent of advisers are more likely to recommend invoice discounting and that 55 per cent are more likely to offer factoring. Some 47 per cent of respondents were less likely to recommend bank overdraft facilities since the downturn.

Read more on Business Finance Refusals Still Widespread What to do Next…

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Leumi ABL has affirmed its role as one of the most respected UK asset based lenders by winning the title of ‘Asset Based Lender of the Year – UK’ in ACQ Finance magazine’s Country Awards for Achievement 2009.

Read more on Asset Finance & Invoice Discounting Lender of the Year…

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Thousands of UK small and medium businesses will be impacted by new accountancy rules for equipment leasing if proposals in an international discussion paper are adopted.

Lease Finance and hire purchase is currently used by around 750,000 UK small businesses, including at least 400,000 companies required by law to prepare financial accounts. Under the Standards Board’s proposals all leased equipment – including cars and vans, commercial vehicles, plant & machinery, Computers and photocopiers – would need to be added to firms’ balance sheets by even the smallest Companies.

Read more on Business Equipment Leasing Rules Could Hit Thousands of Companies…

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The Audit Committee commissioned the review into the circumstances concerning a breakdown in internal controls which resulted in the incorrect application of the Group’s impairment policies.

Disciplinary Action

On 3 March 2009, the Board of Cattles announced the suspension of three senior executives of its main trading subsidiary, Welcome Financial Services Limited ("Welcome"), pending the outcome of the review. On 10 March 2009, the Board further announced the suspensions of James Corr, Finance Director of Cattles plc, Ian Cummine, Chief Operating Officer of Cattles plc and Chairman of Welcome, and another senior executive of Welcome.

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Read more on Cattles Plc Board Sacked After Forensic Review…

Sale and rent back provider Residential Property Solutions (RPS) has launched a charter to promote standards within the sector.

RPS chief executive Peter Beaumont (pictured) said: “It has become apparent from feedback we have received from intermediaries that they are only prepared to deal with truly ethical sale and rent back firms. However, it is difficult for brokers to sort the wheat from the chaff, so we have drafted a charter which we are suggesting all sale and rent back firms should adhere to if they want to describe themselves as ‘ethical’.

Read more on Sell and Rent Back Provider Launch Ethical Charter…

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The Bank of England’s Monetary Policy Committee has decided to hold the base rate at 0.5% for the third month in a row.

The MPC has also voted to continue with its £125bn asset purchase programme, or quantitative easing.

Read more on Bank Base Remains @ 0.5%…

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The Monetary Policy Committee held the rate at 0.5 per cent for the second consecutive month after last cutting the rate in March to its current historic low.

The Bank noted that consumer price index inflation is well above its 2 per cent target at the moment at 2.9 per cent but warned it would drop below this later in the year and so the MPC decided that to bring it back to target over the medium term the base rate should remain at 0.5 per cent.

Read more on Bank of England keeps Interest Rates at 0.50%…

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Supporting Business

The financial crisis has caused a steep and synchronised global downturn. Government support, alongside action to restore the flow of credit in the financial system, is helping businesses across the UK.

Read more on Budget 2009 Round Up – Enable Finance Supporting Business…

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The Bank of England has decided to hold rates for the first time in seven months as analysts and businesses looked to the central bank to re-affirm its commitment to quantitative easing. Rates remain at an all-time low after six cuts since October last year, when interest rates stood at 5%.

Read more on Bank Base Rate held at 0.5%…

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Enable Finance has today included a new financial product to their personal loan offering. Payday loans are now available via the enablefinance.com website the process is simple and with an online approval process and same day pay out.

Read more on Payday Loans and Cash Advance Payday loans now available…

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The focus of our small business Invoice discounting facility is to cater for the start up and SMEs with turnovers generally under £5 million and borrowing needs of between £25,000 and £500,000. Naturally we have solutions if your funding requirement is greater than this.

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The Bank of England Monetary Policy Committee has cut the base rate by another half of one percentage point to a record low of 0.5% and begun so-called ‘quantitative easing’.

The central bank voted to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.

Read more on Bank Base Rate Reduced to record low of 0.5%…

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Some Factoring Companies have moved their lending away from margins above Bank of England Base Rate to margins above LIBOR (London Inter Bank Offered Rate). We at the Enable Invoice Finance team have a look why.

Read more on Invoice Factoring Companies Move To LIBOR…

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Cautious lending criteria from the conventional banks and lenders are impacting severely on UK businesses at a time when many firms are looking for increased funding to help them ride out the recession.

Read more on Invoice Factoring and Sale & Leaseback Finance could provide lifeline…

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Over the past few months, small to medium sized businesses have been at the sharp end of the credit crunch with loans and overdrafts being pulled or restricted by their banks. This reduction in available finance has had huge implications for business cash flow and has forced some businesses to fall into arrears with HMRC, either on VAT or PAYE or even both.

Read more on Cash Flow Finance Solutions by Enable Finance Ltd….

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