The OFT has found widespread evidence of irresponsible lending and breaches of the law across the payday sector. The damning report, which follows a year long review of the £2bn sector, said too many people were being granted loans they could not afford to repay, and lenders’ revenues were heavily reliant on customers failing to repay their original loan in full and on time. Continue reading
News
Banks are making fewer loans, in spite of Funding for Lending
The Bank of England has announced that net lending fell by £2.4bn in the final quarter of 2012 compared with the previous three months.
The Funding for Lending (FLS) scheme, which began in August last year, was designed to encourage banks to lend more money, both to individuals and businesses, and boost the economy.
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EFG Scheme delivers a net benefit of £1.1 billion to the economy
New independent research on the Enterprise Finance Guarantee (EFG) scheme published last week found that it has delivered a net benefit of £1.1 billion to the economy. Every £1 invested by the government has delivered £33.50 for the economy. Continue reading
‘Mind the Finance Gap’ – We Need to Work Together to Fill It
Guest blog by Dr Steve Walker
With access to finance for small businesses remaining a hot topic, it is good to see the publication of a bank-supported, comprehensive, study of the marketplace.
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Business lending and access to finance – next steps for Government’s strategy
Westminster Business Forum is hosting a Seminar on the morning of Thursday 25th April, focusing on what more can be done to support business lending and access to finance for UK businesses. Continue reading
£6billion gap in finance for individuals and organisations outside mainstream finance
Unmet demand for finance amongst individuals and organisations that do not qualify for traditional bank funding has reached more than £6billion, according to new research published today by the Community Development Finance Association (CDFA), supported by RBS Group. Continue reading
Strong Growth in new businesses
The GDP figures today showing a decline of 0.3% may not inspire confidence in recent performance or assurances about the future, however as well as the good news concerning rising employment there is a surge in entrepreneurial activity bubbling beneath the surface. Continue reading
Tories propose creation of local business banks across Wales
A network of local “banks” should be created across Wales to invest in SMEs, according to the Welsh Conservatives. The party’s Invest Wales policy is launched today and aims to reverse low access to finance for SMEs in Wales
CDFIs join expanded Start-Up Loans scheme to create the next generation of entrepreneurs
A consortium of community finance providers has received up to £1.3million to give the next generation of entrepreneurs finance and support to start their own business, , through the Start-Up Loans programme. The consortium is led by the Community development Finance Association (CDFA) with a group of its members delivering business support, mentoring and loans to young entrepreneurs across England. Continue reading
Tackling Britain’s high cost credit problem
The Centre for Responsible Credit is holding a conference to discuss the latest developments in the high cost credit sector and consider what now needs to be done. Continue reading