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Commercial Credit News
Paul Edmeades joins Independent Growth Finance as Head of Underwriting
Thursday, 09 March 2017
IGF, the leading commercial finance provider for SMEs, has appointed Paul Edmeades as the firm’s Head of Underwriting for Asset Based Lending. 
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Paul Kaye, Close Brothers Motor Finance comments on business rates measures
Thursday, 09 March 2017
Paul Kaye, Sales and Marketing Director at Close Brothers Motor Finance, comments on the business rates measures announced in the Spring Budget: “We welcome the Chancellor’s announcement of a consultation on business rates, as well as £300m fund for local councils to offer discretionary relief. However, as it stands there are car dealers across the country still expecting to foot the bill of an average 16% increase, which could have a serious impact on their bottom line. The rate hike comes at a time when a higher national living wage and pension auto-enrolment have already significantly reduced the profitability of some dealers. 
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Budget 2017: Bankruptcy impact of new anti-avoidance tools needs considering by government – R3
Thursday, 09 March 2017
With £820m of new anti-tax avoidance measures announced in today’s Budget, Andrew Tate, president of insolvency and restructuring trade body R3, says:  “The government needs to think more carefully about the impact its anti-tax avoidance tools have on those individuals affected. Tackling the abuse of the tax system is needed, but efforts to do so should not tar everyone with the same brush, while inflexibility can have disproportionate or unproductive outcomes. Attention should be given to how people can pay new tax demands, especially if their ‘avoidance’ is the result of a simple mistake, naivety, or poor advice.”
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Spring Budget - SMEs affected by business rates revaluation
Thursday, 09 March 2017
Aamar Aslam, CEO of Funding Invoice, the invoice trading platform, comments on the changes in business rates, as outlined in the Spring Budget 2017:   “The Chancellor announced today that business rates revaluation will take effect from April 2017 across England, along with a planned discretionary fund of £300m for local authorities to support businesses hard-hit by business rates, which will undoubtedly be welcome news for businesses across the country facing closure as a result of these revaluations.
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BUGDET COMMENT: Growth forecast predictions
Thursday, 09 March 2017
Chris Manson, CEO of Newable, comments on Philip Hammond’s Spring Budget announcement:   “Philip Hammond’s endorsement of the OBR’s growth forecast of 2.0% in today’s Budget is positive news that puts the UK amongst the strongest economies in the G7. However, the fact that Mr. Hammond went on to downgrade growth forecasts in the coming years suggests that confidence is still fragile. Newable’s Gross Domestic Confidence research proves that business confidence is an essential component to growth and that it directly impacts the future of our economy. The research, conducted in partnership CEBR, reveals that business confidence remains significantly below historic norms. In this context, businesses are less likely to create new jobs and make new investments in their business. The result is that GDP could undershoot the Mr Hammond’s forecast by an estimated 0.5%. It is crucial that we continue to inspire confidence, so that businesspeople are willing to make bold decisions that will have a positive impact on the economy. To achieve this goal, it will be vital to make business finance fair and accessible, to help businesses commercialise their innovation and to provide practical assistance with exporting.”
 
Budget reaction from Jonathan Sealey, Hope Capital CEO
Thursday, 09 March 2017
Jonathan Sealey, Hope Capital CEO, says “Today’s budget sees a real hit for small businesses and the self-employed. The cut in dividends and the rise in National Insurance payments equates to a tax hike, estimated by the BBC as being up to £2billion.  This could well hit both brokers and developers, many of whom are small businesses. The risk, where developers are concerned, is that where many invest their own money, they will now potentially have less money to put into new projects which will affect the amount they can borrow.  
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Comments from Dun & Bradstreet on the 2017 Spring Budget
Thursday, 09 March 2017
Markus Kuger, Senior Economist at Dun & Bradstreet:   “In the latest spring budget, Chancellor of the Exchequer Phillip Hammond has announced his vision to make the UK best country in the world to start a business. Hammond has announced a number of measures to alleviate the economic pressures facing businesses in the UK and implement business rates relief. Although the Chancellor has announced that the Office for Budget Responsibility (OBR) has lowered its borrowing predictions, businesses must not get complacent. They need to  prepare for the long-term challenges that the UK is still to face, such as the impact of Brexit, with Article 50 likely to be invoked later this month. With levels of uncertainty remaining very high, we at Dun & Bradstreet maintain the UK’s deteriorating outlook for its country risk rating. Companies need to remember that it’s crucial to carefully assess growth opportunities, while preparing for the far-reaching negative implications of Brexit.
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FSB in Scotland: Squeezing go-getters wrong move
Thursday, 09 March 2017
Today Chancellor Philip Hammond has delivered his first Budget. 
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“Squeezing the smaller employers and self-employed is not clever"
Thursday, 09 March 2017
The Forum of Private Business has given the Chancellor 4 out of 10 for his Budget announcements, with a warning that continued pressure on small businesses and the self-employed is short sighted as we look to get Britain trading again. 
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Zanzan Eyewear partners with Funding Invoice to fuel growth
Thursday, 09 March 2017
Independent sunglasses brand Zanzan Eyewear has chosen invoice trading firm Funding Invoice as its finance partner to maintain a positive cashflow in the business year-round and continue its current growth phase.
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Aldermore boosts asset finance leadership team
Thursday, 09 March 2017
Aldermore, the specialist bank, has announced the appointment of Rachel Lintott as Head of Internal Sales and Support for Asset Finance. 
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