Welcome to the July edition of the Dee Commercial Finance newsletter!
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30% of Brits anxious about money
An estimated 30% of Brits feel anxious about managing their money as a result of coronavirus, according to Shawbrook Bank.
The report found that a quarter of Brits are unsure if self-employed individuals can be approved on a mortgage, and 59% agree that the language used in loan applications is confusing.
Just 16% said that they read the terms and conditions of a finance agreement “very thoroughly”.
Commercial finance sector snapshot
Sentiment on growth among brokers remains strong with more than half (53%) expecting to grow in 2021.
This positive outlook is just one of the findings from a recent survey of brokers across the UK, carried out by Close Brothers Business Finance.
Writing in the latest edition of Commercial Broker magazine, Ian Aitchison, managing director at the NACFB Patron shares the results of the survey.
Final COVID loan data reveals £79.3bn of loans to 1.67m businesses
The government recently published new statistics that show businesses across the UK have benefitted from 1,670,939 government-guaranteed loans worth £79.3 billion.
These loans helped support their cashflow during the crisis through schemes delivered by the British Business Bank.
This includes 1,560,309 Bounce Back Loans worth £47.36 billion, 109,877 loans worth £26.39 billion through the CBILS and 753 loans worth £5.56 billion through the CLBILS.
Commercial vehicle demand behind asset finance market growth
Total asset finance new business (primarily leasing and hire purchase) grew by 106% in May 2021 compared with the same month in 2020, according to latest data from the Finance & Leasing Association (FLA).
In the first five months of 2021, new business was 26% higher than in the same period in 2020. The commercial vehicle finance sector reported new business up by 126% in May compared with the same month in 2020.