
Analysis of the?Hitachi Capital Invoice Finance?s funding data illustrates an increased appetite for finance, with the total credit offered to businesses in the tax year commencing April 2015 totalling ?841m, up from ?823m the previous year. Lending figures also show a clear demand from SMEs for funding increases, with the number of applications rising significantly in April, July and October on an annual basis.
As such, John Atkinson, head of commercial business at Hitachi Capital Invoice Finance, claimed business activity in 2016 would be impacted by a number of external factors???in what is set to be an allegedly volatile landscape for political and legislative change. “Many of our customers have found it necessary to pursue alternative routes to finance, as banks look to reduce the risk profile of lending portfolios,” he said. “In general, the days of firms using an overdraft facility as a ?stop-gap? to ride out cash flow disruption are over, businesses must act now to produce accurate forecasts for the year ahead.? April, while traditionally hailing the beginning of the new tax year, could be a turbulent period for SMEs, he said. The introduction of the National Living Wage will prompt an increased wage bill for many businesses; a high proportion of which are still bridging the transition into pension auto-enrolment. The month also heralds the implementation of new immigration laws which will prevent employees earning less that ?35,000 per annum from staying in the UK for more than five years.? Read more about retaining staff:- How businesses can fight “New year, new you” mentality to retain top talent
- Discovering the DNA of hiring and retaining best staff
- Five ways to gain a loyal workforce
Share this story