Aug
06 Banks warned again as they prepare to announce big profits
We wrote recently in our blog post “Banks
to be pressured to increase business lending” how the Business
Secretary, Vince Cable, was putting pressure on the banks to do more to
lend to businesses. This pressure looks set to increase massively as the
Chancellor, George Osborne, has joined the call with many banks set to
report their profits shortly.
Mr Osborne has told the banks it is their “economic responsibility” to
increase lending and also to curb what are seen as excessive bonuses
with strong profits expected to be announced at many banks this week. It
is thought that all of the banks will confirm that they are now back “in
the black”. HSBC, the first to report, have confirmed profits of
£7billion in the first six months this year!
In response the banks are putting their case to the government to show
how lending has improved and that the majority of businesses who want
finance are able to get it. Their argument is that many businesses are
focusing on repaying existing debt and tightening their belts in these
difficult times rather than taking on extra borrowing. They also say
that new regulations make the process more difficult for them.
Many businesses have a different story to tell, with banks who were
previously falling over themselves to lend money in the boom years now
disinterested and making it near impossible to get a business
loan at affordable rates.
The true state of the business lending market is probably somewhere in
between. Business loans are available but, like the personal lending
market, mainstream lenders are extremely cautious and want only the
cleanest of applicants with almost cast-iron guarantees of repayment.
For everyone else utilising the services of a business loan broker such
as Yes Business Loans may be the best answer.
Categories:
Business
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Economy
,
Financial
Permalink
Jul
29 Banks to be pressured to increase business lending
Vince Cable, the government Business Secretary, has warned banks that
they are not acting in the national interest, failing to increase
lending to businesses. The banks argue that there are loans available
but many cautious business owners are not applying.
Mr. Cable has made it clear that the government are currently monitoring
the situation and if it does not improve sufficiently in the near future
more bank regulation may be needed. This may be in the form of bonus
restrictions or loan guarantee schemes.
Mr. Cable is looking into a range of measures to improve the flow of
cash to businesses. However many business owners do not want to take out business
loans where the high rates of interest make it difficult for them to
afford repayments. Perhaps the business secretary should be pressing for
banks to reduce rates offered to customers first.
Finding the best rate
business loans could save your business money each and every month.
Whilst high street banks insist they are lending to businesses it is
certainly at a price and many business owners would be better looking at
an independent business loan broker who have access to multiple lenders
to secure the best deals.
A quick enquiry to them will show you whether they can offer you a
better rate than your bank. They are also useful if your business has
had credit problems in the past or been turned down elsewhere. By
utilising a broker you have access to specialist lenders looking for
your type of business.
Categories:
Business
,
Economy
,
Financial
Permalink
Jul
15 More businesses relying on credit cards
A recent survey from the Scottish Government suggests that around one
third of Scotland’s small businesses are relying upon credit cards to
keep their business going. Most are using corporate credit cards but
some are using their own personal credit cards. Either option is likely
to attract extremely high interest rates if the full amount is not paid
off at the end of the month.
Many businesses that have approached their banks for funding have been
turned down. Whilst business lending from banks has improved since 2008,
at the height of the financial crisis, it is still difficult to get a business
loan from a traditional high street lender.
Another option for businesses is to approach a broker, such as
ourselves, who have access to a number of different lenders. Each lender
has its own acceptance criteria and if one cannot help your business it
is very likely that another will.
We keep abreast of all of the latest business
loan rates and plans to enable us to quickly fit a loan to your
individual circumstances. We can guide you through the application
procedure and help with paperwork and other requirements from lenders.
Already been offered a business loan? Still get in touch with us to see
if we can offer you a better rate. A few pounds per month saving can add
up over the course of your loan term and it’s better the money is in
your pocket rather than the banks!
Categories:
Business
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Economy
,
Financial
Permalink
Jul
07 Any purpose business loans
We deal with all types of businesses and can provide business loans and
finance for a variety of reasons. Some typical examples of our any
purpose business loans are as follows:
1. New equipment
As technology advances new equipment becomes available which may improve
the efficiency of your business. As the years go by your old equipment
wears out or breaks. In either of these situations a loan for new
equipment would help your business.
2. Refurbishment
Offices, shops, pubs and restaurants will from time-to-time require
“doing up”. Business loans for refurbishing your property are available.
3. Property purchase
If you want to buy a property to house your business loans are available
to fund buying the property in question.
4. Buying a new business
If you wish to buy a business that is already trading there will be a
cost involved. We can help you fund buying a business.
5. Bridging
Loans
You might have a property on the market and are awaiting sale and you
need to release the cash tied up in it, you may need to move quickly in
the property market or have had a last minute hitch, or bought a
property at auction and only have 14 days to complete.
These are just some of the ways we can help you with business finance.
Whatever you need money for, contact Yes
Business Loans – we are here to help your business.
Categories:
Business
,
Financial
Permalink
Jul
02 G20 leaders welcome UK budget actions
Leaders of the world's major economies are committed to halving their
deficits by 2013. The actions taken in last week’s emergency budget by
the UK Chancellor, George Osborne, have been welcomed by the G20 leaders
at their summit in Canada.
With the UK having one of the largest deficits the need to take action
early was imperative, confirmed by David Cameron in his press conference
at the end of the summit - "For some people, particularly countries like
Britain with the biggest budget deficit in the G20, that action has to
be fiscally consolidated, it has to be sorting out our debts and our
deficit so we get confidence in our economy."
The “tough but fair” budget measures have meant tax rises and spending
cuts on a significant scale. These have been opposed by the Labour
opposition as too much, too soon. Only time will tell.
For businesses, those dealing with the public sector could be worst hit
as spending is set to be slashed by up to 25% in many departments. This
will have a knock on effect on suppliers. Other business measures in the
budget were generally welcomed by the business community as they could
have been a lot, lot worse.
Business loans were
unaffected by the budget and signs of recovery in the market continue
with more lenders and money available.
Categories:
Business
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Economy
,
Financial
Permalink
Jun
28 Housing market receives boost due to scrapping of HIPs
The 2010 RICS Housing Market Survey headline net price balance for May
increased from +19 to +22.
This is it's best level since January, buyer interest also continued to
increase during the month. The new enquiries net balance edged up from
+9 to +10. More significantly, the abolition of HIPs has resulted in a
sharp increase in new instructions, with the net balance jumping from
+11 to +21. This trend should also continue in the near future.
In response to a specific question, 73% of surveyors said that they
expected the decision on HIPs to lead to a much higher level of new
instructions with the increase in supply anticipated to be around 15%.
Categories:
Economy
,
Financial
Permalink
Jun
14 Highest stock levels since Jan 08 due to increased seller confidence
According to FindaProperty.com the number of properties for sale in the
UK has risen for the fifth month in a row, with stock levels now 145%
higher than in January 2008.
Their research also shows that the scrapping of HIPs and worries over
changes to Capital Gains Tax have convinced would be sellers to market
their properties. Despite the increase in the number of property for
sale, prices have also risen in June. The average home in the UK is now
priced at £220,308, up 0.3% when compared to May (£219,748).
Categories:
Economy
,
Financial
Permalink
May
24 Business investment rises 6% in first quarter 2010
Figures from the Office for National Statistics show that business
investment for the first quarter 2010 is up 6% over the previous
quarter. Whilst this is good news, the figure is still 11% lower than
the same period last year. So we won’t get too carried away!
The 6% rise indicates an increase in business confidence, albeit small,
and backs up our view that business
lending is now becoming more available. The business friendly
measures announced by the Government recently should further increase
business confidence and continue the growth in business investment.
Hopefully the forthcoming budget will cement the pro-business view of
the government and continue the rise in confidence and investment.
Is your business looking to invest? Say Yes to a business loan from Yes
Business Loans. All types of businesses catered for and competitive
rates and terms can be obtained for the majority of loan requests put to
us.
Categories:
Business
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Economy
,
Financial
Permalink
May
19 Business awaits first coalition budget
The newly formed independent Office for Budget Responsibility will in
future publish economic and fiscal forecasts in advance of the budget,
rather than the government. These won’t be binding upon the Chancellor
of the day but will be difficult to ignore politically.
The “emergency budget” of the new coalition government will take place
on Tuesday 22nd June. In advance of this the government is expected to
reveal how it will save £6bn this year in spending cuts.
Critics argue that cuts should be delayed due to the fragile nature of
the economic recovery so far. However the Government looks set to press
ahead straight away to reduce the colossal deficit of around £166bn.
Many economists are predicting a rise in VAT from the current 17.5%.
This could rise as high as 20%, although the increase may be delayed for
retailers to cope with the complicated changes needed to their
infrastructure. A 20% rate of VAT could raise as much as £11.5bn a year
for the Treasury.
There is also expected to be news on Capital Gains Tax (CGT) with some
form of rise in the offing. Full details are not yet known although the
rate for business assets is likely to stay lower than for personal
assets, protecting perceived entrepreneurship.
Categories:
Business
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Economy
,
Financial
Permalink
Apr
08 UK economy facing serious risks
A report from the British Chambers of Commerce shows that a UK upturn is
still on course, but the recovery is weak and the economy is facing
serious risks.
The Q1 results are positive for the service sector, with most service
balances now in positive territory and most showing improvements. The
manufacturing results are disappointing, with many key balances
worsening and still in negative territory. The Q1 manufacturing
employment balance recorded a large decline, and moved significantly
into negative territory. It is encouraging that most Q1 export balances
improved, and they remain relatively strong for manufacturing.
Categories:
Economy
,
Financial
Permalink
Mar
09 'Bank of Gordon' less than 1 in 6 mortgages
Don't expect a best-buy mortgage from any Government-backed lenders,
with Lloyds Banking Group and Northern Rock failing to make the best-buy
tables with any deals according to analysis from Evaluate Technologies.
The bailed-out lenders – dubbed the 'Bank of Gordon' offer only eight of
the 50 best-buy mortgages and products from Lloyds Banking Group
currently fail to make any of the best buy lists.
Categories:
Financial
Permalink
Mar
08 House prices rose by 4.7% in the last half of 2009
According to new figures out from property website Zoopla.co.uk, houses
prices were up by 4.7% in the last half of 2009. This was a gain of 2.5%
for the year, revealing the extent of the property market turbulence
during 2009.
Categories:
Financial
,
General
Permalink
Mar
04 The UK is to become a nation of renters
The UK lettings sector is moving towards a European model that sees
tenants rent over long terms as part of a lifestyle choice, according to
lettingsearch.co.uk.
They recently conducted a pole which revealed that 41% of current
tenants cannot raise the money for a deposit or secure a mortgage,
suggesting that an increasing amount will have to turn away from home
ownership.
Categories:
Financial
,
General
Permalink
Mar
03 24 million UK people run risk of financial meltdown
A Protection Oversight research undertaken on behalf of Friends
Provident revealed that nearly half (24 million) of people in the UK
have no insurance in place to cover loss of income through illness or
death of a breadwinner.
Even those that have considered taking some action would be underinsured
by an average of £14,500 per year!
Categories:
Financial
Permalink
Mar
01 House sales in February have more than doubled!
The latest Agency Express Property Activity Index shows that the UK's
house sales activity has dramatically sprang back in to life during
February.
Nationally, the number of houses sold in February has rocketed by a
massive 136.6% - which is more than double the sales achieved in
January. These are the highest levels of sales achieved for almost two
years. (Since March 2008)
Categories:
Financial
Permalink
Feb
26 House prices fall by 1% in February
House prices have fallen by 1.0% month-on-month in February, reports the
latest Nationwide House Price Index.
Categories:
Financial
Permalink
