PRESS RELEASES
FROM US.

Funding Options signs the Women in Finance Charter to accelerate focus on diversity and inclusion

Funding Options, the marketplace for business finance, has signed up for the HM Treasury’s Women in Finance Charter to demonstrate its commitment to increasing gender diversity both within its business, and across the industry.

Funding Options partners with DueDil to reimagine how SMEs access funding

Funding Options has partnered with predictive company intelligence platform DueDil to simplify its customer journey and speed up finance applications

Funding Options announces new leadership to drive future growth

Funding Options is today announcing the appointment of a new CEO who will lead the strategy to accelerate growth through Open Banking innovation and a wider business services marketplace for both the UK and EU.

Start-up to Scale-up: Conrad Ford steps down as CEO of Funding Options

Funding Options, the UK’s leading business finance marketplace, today announced that with the eighth anniversary of founding the company in September 2011, Conrad Ford, Founder and CEO, is stepping down from the CEO role. He will remain involved with Funding Options as a shareholder and founder.

WorldPay and ClearBank® founder Nick Ogden joins Funding Options’ board

Fintech pioneer Nick Ogden has joined the board of Funding Options, the UK’s leading business finance marketplace, as non-executive chairman.

Funding Options has been shortlisted as a finalist in the Growth Finance Awards

Funding Options has beaten off tough competition to secure itself a place as a finalist in the Best Marketing Campaign category of the first-ever Growth Finance Awards.

Funding Options awarded £5 million grant to ensure finance choice for SMEs across the UK

Funding Options, the UK’s leading business finance marketplace, has today been awarded a £5 million grant from Pool D of the Capability and Innovation Fund. The funds will be used to help broaden and encourage wider choice of funding for small and medium sized businesses (SMEs) across the whole of the UK, particularly those in underserved local communities. Through the use of Open Banking, Funding Options can deliver impartial lending choice to the UK’s five million SMEs.

Funding Options strengthens senior leadership team by appointing David Keene from Google as new CMO

Funding Options today announced that David Keene will be joining its senior leadership team as Chief Marketing Officer. In this role, David will be responsible for leading the marketing function at Funding Options to expand its customer base in the UK, Netherlands and Europe while also launching new products and solutions designed to support small businesses.

Nearly 3 million UK small businesses struggle to stay on top of finances as Brexit bites

Research by Funding Options has revealed that half (51%) of UK small and medium business owners need more help to take control of their finances – equating to 2.86 million small businesses who are struggling alone.

Funding Options and Experian partnering to bid for backing to help small businesses

Funding Options, together with Experian, is to bid for the BCR Capability and Innovation fund, part of the RBS Alternative Remedies Package designed to improve the financial products and services available to small businesses.

Funding Options bolsters senior team with appointment of new Commercial Director

Funding Options, the UK’s leading online marketplace for business finance, today announces Simon Cureton has been appointed as its new Commercial Director.

Small Business Commissioner starting to make progress on recovering late payments

The new Small Business Commissioner is starting to make progress on recovering late payments owed by large companies to small businesses, shows new research from Funding Options.

Value of loans offered by flagship small business lending scheme falls to record low

The value of bank loans being offered to small and medium sized businesses via the government’s flagship small business lending scheme has fallen to a record low, says Funding Options, the online business finance marketplace.

Bank lending to small retailers falls 4% in just a year

UK bank lending to small and medium sized retail businesses has fallen by 4% in the last year, to £14.9 billion, from £15.6 billion the year before, shows new research from Funding Options.

Funding Options partners with Caxton FX to offer customers a Currency Card for business travel

Business finance marketplace Funding Options has launched a partnership with Caxton FX for its market leading prepaid Business Currency Card to help UK small businesses better manage their finances when overseas for business trips, conferences, trade missions and meetings.

Funding Options appoints Dean Spencer as new Sales Director

Funding Options today announced that Dean Spencer has joined as their new Sales Director. Dean will be responsible for building and growing the sales function at Funding Options to achieve its growth ambitions by expanding the company’s existing customer base.

Funding Options launches in the Netherlands with ING Bank partnership

Funding Options is today launching in the Netherlands, in partnership with ING, to help Dutch businesses find the right funding for them.

Eco-friendly commercial van sales climb 21% in a year as more small businesses ‘go green’

Sales of eco-friendly commercial vans in the UK have increased by 21% in the last year alone to 1,523 in 2017/18*, shows new research from Funding Options, the online businesses finance supermarket.

Top Government outsourcers take over 6 weeks to pay suppliers – up 11% in just two years

The Top Government outsourcers took over 6 weeks to pay their suppliers in 2017, which is 11% longer than just two years earlier, shows new research by Funding Options.

Funding Options Appoints Alastair Preacher as new Chief Product Officer

Funding Options announced that Alastair Preacher has joined their team as Chief Product Officer to ramp up their product and scale the company's operations.

45% jump in businesses having assets seized by HMRC — up to 2,833 in just 12 months

There has been a 45% jump in the number of businesses that have had their assets seized by HMRC, to 2,833 up from 1,953 the year before

Supermarket price wars mean food producers now suffer from 45-day payment delays

Delays in payments to UK food producers have now increased to 45 days on average, up from 44 days in the previous year, shows research by Funding Options, the online business finance supermarket.

Small Business Commissioner has helped just 8 SMEs in late payment disputes with customers

The Government’s ‘Small Business Commissioner’ has helped just eight small businesses with complaints about late payments from customers.

UK’s computer game industry turnover grows by over a third in a year

The turnover of the UK’s computer games industry has increased by over a third in the last year, rising 34% to £697m, from £522m the previous year, says Funding Options, the online business finance supermarket.

Turnover of UK’s leading takeaways rises 10% in just a year to £2.7bn

Funding Options research shows that the turnover of the UK’s Top 100 takeaways has risen 10% in just a year, up to £2.7bn from £2.46bn.

Small construction businesses hit by payment crisis exacerbated by Carillion

The payment delay crisis has worsened for small construction businesses in the last year, exacerbated by Carillion, with average waiting time over 42 days

“White van man” turns green as use of electric vans rises 30% in just a year

The number of electric vans on the road has hit a record high, rising to 3,880 at the end of 2017, up 30% from 2,990 in 2016. Figures released exclusively to Funding Options show the total number of electric vans in use has increased almost fivefold in under a decade, up 460% from just 685 in 2008.

49% rise in money lent to restaurants by their own directors to keep them afloat

Nearly £200m lent to bridge cashflow troughs, follows confirmation by several high-profile restaurant chains of plans to close branches in order to reduce losses

Construction company directors forced to lend more of their own money to their businesses

Over £500m lent by construction bosses to their own companies last year to cover cashflow shortfalls

21% jump in attempts by HMRC to shut businesses down to recover unpaid tax

HMRC's recent refusal to accept personal credit card payments for tax bills likely to exacerbate situation

Ballooning VAT bill now worth 21% of all HMRC take

Late payments from customers mean VAT can cripple small businesses's cashflow

UK businesses owe £4.4bn in overdue Corporation Tax and VAT as they struggle to find cash to pay

UK businesses currently owe HMRC £4.37 billion in overdue corporation tax and VAT as many struggle to find the cash to pay their tax bills

Agriculture sector revenue falls again amid Brexit uncertainty

Top 100 farming businesses see revenue fall by 3% in past year

HMRC seizes assets from nearly 2,000 small businesses

HMRC seized assets from 1,953 businesses in 2016/17 as they use increasingly aggressive methods to obtain tax

Construction companies hit hard by growing waits for payment as debtor days increase sharply

Hard hit businesses in the construction sector are continuing to suffer from steadily increasing delays for their invoices to be paid

Turnover of independent craft distillers more than doubles in 5 years

The turnover of independent craft gin and vodka distillers in the UK has more than doubled in the past five years, driven by the surging demand for artisan spirits

FOS extension to cover more small businesses – Funding Options welcomes plans

We welcome FCA plans to allow more SMEs access to the Financial Ombudsman Service (FOS)

UK’s computer game industry returns to growth as turnover rises 8% in a year to £504m

Online and multiplayer gaming drives performance surge, and tax reliefs designed to aid investment have played key role

44% turnover growth for the UK’s Top 30 independent craft brewers in just a year

Top 30 UK craft brewers pass £125m turnover, with no slowing of the craft beer industry since 2011/12

Banks neglecting the ‘white van man’ as number of old vans on the road hits record 1.2m

The number of old vans on UK roads has hit a record high, with business owners forced to sink money into maintaining aging fleets rather than investing in new vans

Owners of smaller construction firms pump more and more cash back into their businesses

The amount of cash that directors of smaller construction businesses pump back into their businesses has jumped 27% in three years

English wine industry grows 16% in a year to record £132 million

Turnover of English wine sector more than doubles in just five years, as decline in sterling presents opportunity to tap into export market

Dramatic rise in restaurant owners lending to their own businesses to keep them afloat

Restaurant owners risked over £200 million of their own money last year, as Brexit has pushed up import prices and staff costs

Is the ‘make do and mend’ economy a reality?

Turnover of repairers nears £340m – up over 40% in 5 years

UK pub groups see turnover rise, but top 10 grow fastest as lack of finance bites

The top 10 pub groups grow 3.5% in a year, but borrowing by the rest falls as banks reduce exposure

Research proves borrowing is vital in driving growth of SMEs

Accessible funding for SMEs essential for dealing with Brexit challenges

Government receives more than a million appeals since last business rates set

The Government has received more than a million appeals against business rates since the last rating review in 2010

Budget day tax breaks for SMEs key to PM’s productivity drive

The Government has been urged to make four key changes in the March Budget to encourage SMEs to make long-term investment plans for growth

Value of tax breaks claimed by businesses for capital investment to fall 15% this year

Annual Investment Allowance forecast to be worth £2.7bn in 2016/17

Businesses owe £2.6bn in unpaid VAT bills

Late payments from clients key driver — businesses face having their assets seized by HMRC

Small housebuilders’ profit margins lagging behind larger rivals by a third

Lack of available bank lending squeezing margins of small housebuilders, while Brexit volatility could further impact their bottom line

Corporation Tax arrears jump 15% in a year

Unpaid sums could rise further post Brexit, and businesses might need to find alternative funding to pay arrears

SMEs under pressure as banks continue to shift overdraft lending in favour of large businesses

37% fall in the value of overdrafts provided to SMEs over the last five years

Small UK construction firms waiting nearly two months for repayment from property giants

Firms waiting average of 56 days for payment from major developers — late payments leave small firms struggling to manage cash flow

Withdrawal of bank lending to wholesalers could drive up retail prices

Banks cut lending to wholesalers by £409 million in just two months — extra cost risk could drive up prices for consumer goods

‘White van man’ snubbed by banks as number of ageing vans on the road grows

Dependable vehicles vital in online shopping and app “service” economy boom — unreliability and inefficiency could cost businesses dear

UK hotels increase spending for refurbishments by 57% in last year

Hotels invest for likely increase in ‘staycations’ as sterling falls post-Brexit; facing competition from the Airbnb threat

HMRC asset seizures at businesses up 145% in a year

Value of outstanding debt hits £42.6m last year — up 175% — while demand for specialised funding for tax bills is growing

Record high £32 billion corporation tax paid by UK ‘real economy’ businesses

Mainstream UK business making up for plunging tax revenues from North Sea oil, showing scope for reducing rate for SMEs

Interest rate cut: BoE worried by state of business finance market

Brexit Crunch forces Carney's hand

Number of winding up petitions filed by HMRC rises by 13% in the last year

Businesses look to alternative finance to pay tax bills

Collapse in bank lending to farmers

Pre-Brexit fall in lending to agricultural sector raises concerns

Recruitment firms see overdrafts cut by over a third

The wider trend of withdrawing overdrafts is hitting recruiters especially hard. The value of recruitment firms’ bank overdrafts has fallen by 37% in just five years, as banks are forced to cut their exposure to the sector

SME overdrafts ‘dying out’ as banks cut £100m a month

Figures show that at the end of March this year, SMEs were borrowing £12.1 billion in bank overdrafts, compared to nearly £14 billion at the end of September 2014, a fall of 13%

Turnover of UK restaurants up 5% in a year to £20.9 billion

Boom in artisan cooking techniques driving investment in UK restaurants — value of assets up 14% in a year

Bank lending to property developers halves in just two years

Developers can’t access bridging loans to get projects started — a shortfall that is contributing to the housing crisis.

Budget Day: Funding Options Recommended for Designation for the Bank Referral Scheme

Conrad Ford, CEO of Funding Options:“The Bank Referral Scheme is a necessary and positive step forward for UK SMEs declined for finance by their banks.”

CMA backs Challenge Prize to deliver market-led comparison tools for SME finance

Building on UK FinTech leadership, CMA backs Nesta Challenge Prize to unlock SME lending.

Small UK construction firms hit by even later payments by property development giants

The UK’s 10 biggest property developers are taking longer than ever to pay sub-contractors, even though they receive payment for their own bills remarkably swiftly — leaving small construction firms struggling to manage their cash-flow.

Big housebuilders’ profit margins now top pre-crunch high, but smaller builders slower to recover

Funding Options research reveals large housebuilders' profit margins are back to pre-crunch highs, while smaller firms have been slower to recover

Northern SMEs suffering far more aggressive cuts in bank overdrafts than London businesses

Northern small businesses are suffering much more aggressive cuts in their bank overdrafts than those based in London, according to research by Funding Options. 55% of Northern SMEs have seen overdrafts reduced or withdrawn in last two years – the 'Northern Powerhouse' is growing slower than the London economy

Calls to implement CMA recommendations to unlock SME access to funding

Recommendations published today by the Competition and Markets Authority (CMA) on bank lending to SMEs should be introduced to help bridge the small business funding gap, says Funding Options, the online business finance supermarket.

Research shows access to lending drives faster SME growth rates

SMEs grow progressively faster as their ability to borrow increases, shows research from Funding Options, the online business finance supermarket. Funding Options’ research shows that SMEs with access to higher levels of borrowing grew their turnover on average by 15.7% over the last five years, compared with 14% growth for those with no borrowing.

Time to allow more SMEs to bring complaints against banks to Financial Ombudsman Service

It is time that more SMEs are allowed to bring their disputes with banks to the Financial Ombudsman Service (FOS), says Funding Options, the online business finance supermarket. The FOS offers a low cost method for very small businesses and consumers to resolve their disputes with banks. As well as being free of charge, the FOS offers a resolution far more quickly than by taking a complaint through the court system.

Small Businesses made 741 complaints to the ombudsman over bank loans in the last year

Small businesses made 741 complaints to the Financial Ombudsman Service over bank loans and overdrafts last year as banks continue to pull back on lending to SMEs, says Funding Options, the online business finance supermarket. Funding Options says that one of the most common reasons small businesses complain to the ombudsman is the withdrawal of overdrafts by banks without warning. Research by Funding Options reveals that small business overdrafts have been withdrawn by banks at the rate of £5.7 million per day since 2011.

SME alternative finance now worth £76 billion a year

UK SMEs are now using £76 billion of alternative finance* as banks continue to pull back from lending to smaller businesses, says Funding Options, the online business finance supermarket. Funding Options says that alternative lending to SMEs is now equivalent to 46% of the value of traditional term loans and overdrafts, which have fallen to £163 billion**. That represents a fall of 5% from £172 billion a year ago, and 17% from £197 billion four years ago.

Small business overdrafts evaporating

The amount of lending to SMEs through their overdrafts has fallen by 40% over the last four years from £20.9 billion in April 2011, to £12.5 billion in April this year*, highlighting the growing importance of accessing alternative forms of finance says Funding Options, the online business finance supermarket. Analysis of Bank of England data by Funding Options shows that in the last year alone, the amount of lending to SMEs through their overdrafts has fallen by 11%, from £14.1 billion in April 2014.

More businesses seek alternative finance as HMRC seeks to wind up 3,000 companies over tax debts

HMRC last year applied to shut down 3,000 businesses to meet unpaid tax bills, highlighting the importance to businesses of being able to access alternative finance for urgent commitments such as tax payments, says Funding Options, the online business finance supermarket. Funding Options adds that in 2014*, the tax authority was successful in gaining court orders to wind up 1,887 businesses over their tax debts, a 4% rise from 1,816 in 2013. After the business is wound-up, HMRC liquidates its assets in order to cover the unpaid tax bills.