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.
He 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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