The latest figures from the National
Association of Commercial Finance Brokers (NACFB) show that
business transacted by its vehicle finance members fell by 30
percent over the past year, compared to the previous 12 months.
The value of vehicle finance transactions reported
by NACFB members who responded to the association’s annual survey
fell to £759 million, down from £1.1 billion the previous year.
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Leasing and asset finance fell by 10 percent,
meanwhile, to £997 million. Invoice finance was the only area of
broking business to see an increase, growing by 21 percent to reach
£831 million, the NACFB reported.
Chief executive of the NACFB, Adam Tyler,
commented: “These figures reveal the true and shocking picture of
the struggling SME community.
Despite many lenders’ protestations that they are
lending more than ever, these figures reveal what anecdotal
evidence has already shown: that funding for businesses is very
hard to get access to.
Tyler added: “Figures from leasing and asset
finance and vehicle finance brokers have fallen less sharply;
however, the impact of the current economic woes hit them a few
months after the commercial mortgage and buy-to-let brokers had
already started to struggle.”
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By GlobalData
