NACFB

Small Businesses Seeking Over £2m Funding Per Day Despite Initial Brexit Fear

Small Businesses Seeking Over £2m Funding Per Day Despite Initial Brexit Fear

Small businesses are attempting to raise more funding now than they were pre-Brexit, according to figures from the National Association of Commercial Finance Brokers (NACFB). The NACFB’s internal figures revealed that businesses have enquired about more than £20m worth of finance since the beginning of the month – exceeding more than £2m every day and twice the amount reported in August 2015. The average loan size requested so far during August is £128,000, compared to £73,000 in July and £94,000 in June – suggesting businesses are more confident about life without the EU than previously predicted. Adam Tyler, chief executive of the NACFB, said: “Project Fear doesn’t appear to have rattled the small business community. August is typically a quieter month for funding applications, but... »

Business Owners Warned About Rise of ‘Bandwagon Lenders’

Business Owners Warned About Rise of ‘Bandwagon Lenders’

UK small businesses have been warned about the rising number of ‘bandwagon lenders’ and ‘flatpack’ finance providers entering the market in a report from the National Association of Commercial Finance Brokers (NACFB) published this week. The NACFB has turned down 40 lenders for membership over the past two years, an eightfold increase on the five or so lenders it rejected two years previous to that. The reasons for refused membership were varied with 60% of the rejections said to be due to the lender lacking sufficient experience of the principals of lending. 30% of these ‘bandwagon lenders’ were found to offer excessively high interest rates to small businesses while the NACFB rejected a further 10% due to offering a low quality product. Adam Tyler, chief executive... »