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SME Access to Finance Issue

Clients Unify Consumer and Business Lending with CRIF Lending Solutions

Gone are the days when a bank’s business and consumer lending had to operate independently. Clients choose CRIF ACTion to automate workflow for business and consumer lending The ACTion division of CRIF Lending Solutions has announced partnership agreements with some of the most emerging banks in the industry. This latest group of partners includes Birmingham, Ala.-based Cadence Bank, Fargo, N.D.-based ... Read More »

Small-business Owners in the USA Lose More Than a Week Every Year to Tax Preparation and Paperwork

According to a recent article by Bloomberg, small-business owners spend on average more than 40 hours — the equivalent of a full workweek — filing their federal taxes every year. One in four spends at least three full weeks on the annual chore. There is also the expense of doing that work.  Only 12 percent of employers filed their taxes on their ... Read More »

SME Access to Finance: Royal Bank of Scotland (RBS) Pledges Reforms

In the wake of accusations that RBS sought to profit from harming rather than helping small business customers,  RBS has promised to overhaul the way it handles small and medium-sized businesses in financial distress.  Much evidence came to light about the practices of RBS’ turnaround division, Global Restructuring Group (GRG) in a report by Lawrence Tomlinson, an adviser to the UK ... Read More »

Australia Embraces Positive Credit Data

FICO reports that according to a new report from the Australian Retail Credit Association (ARCA), 62% of Australians fully support the country’s newly introduced credit reporting system—which, for the first time, will consider positive credit behavior. The favorable reaction by Australians is hardly surprising. The previous negative-only reporting system often punished consumers. It meant that their credit reports were assessed ... Read More »

Facilitating SME Financing Through Improved Credit Reporting

The World Bank International Committee for Credit Reporting has released a report titled Facilitating SME Financing Through Improved Credit Reporting for public consultation.  BIIA encourages its members to study this document and submit their comments.  Please see the links below. Download report: Facilitating SME Financing Through Improved Credit Reporting. Please send your comments to Fredesvinda F. Montes Herraiz at [email protected] and Jose Antonio ... Read More »

Improving SMEs’ Access to Finance Part of New EU Commission Roadmap to Meet Long-term Financing Needs of the European Economy

The European Commission has adopted a package of measures to stimulate new and different ways of unlocking long-term financing and support Europe’s return to sustainable economic growth. Part four of the recommended measures is to improve SMEs’ access to financing:  The actions set out in the communication on long-term financing include improving credit information on SMEs, reviving the dialogue between banks and SMEs and ... Read More »

Duedil Raises US$17 million in Private Equity – Develops an Automatic Alert System for Users

BIIA member Duedil – which the FT has dubbed as “the Bloomberg of unquoted companies”, for providing data on every private business in the UK – has raised $17million to develop new products. The latest round of funding of $17million, is led by US-based Oak Investment Partners, and will enable the company to turn its database into an automatic alerts ... Read More »

EU Late Payment Directive: Germany Inches Closer to Implementation

Reports out of Germany indicate the government may be inching closer to in-country implementation of the European Union’s Directive 2011/7/EU, the Late Payment Directive.  Germany was one of the final holdouts among the 28-member bloc and an important one, given its stature in the Union.  Still, many are skeptical that, even with the Germans on board, the Directive will be all ... Read More »

Leasing: An Alternative Means of Financing SMEs

According to Eurostat, one of the main reasons SMEs report as creating difficulties in their accessing financing is their inability to provide sufficient collateral or guarantees to the lender.  One knows too well that little is known about the success factors of an SME and its credit history which may be even a greater reasons for the lack of access ... Read More »

EU Commission Workshop: Improving Credit Assessment and Information for SMEs in Europe to Facilitate Access to Finance for SME

The EU Commission had invited a diverse group of experts ranging from credit rating, credit information, banking, alternate finance, and capital market participants to discuss whether regulating credit scoring would facilitate access to finance for SMEs i.e. as a tool to advance lending. The workshop was well attended indicating intense interest in this topic.  There were eight BIIA members at ... Read More »

HC International Enters Micro-credit Financing Services

Beijing-based B2B media company HC International announced the formation of a joint venture (JV) with Digital China, to provide micro-credit internet financing services. Subject to the approval and the obtaining of necessary permissions from relevant Chinese authorities, the JV will be 60% owned by Digital China and 40% by HC International.  Pursuant to the Joint Venture Agreement, the total registered ... Read More »

General Finance Corporation selects CRIF Decisioning as a Service for consumer and SME lending in Trinidad and Tobago

CRIF has been selected by General Finance Corporation (GFC) as a strategic partner in light of its proven track record in delivering similar high-performance solutions for banks and financial institutions in the Americas as well as on a worldwide level through the CRIF Group. Specifically SOL, the CRIF Mexico Decisioning as a Service (DaaS) solution for automated credit decisions powered ... Read More »

UK Risk Climate: One Quarter of SMEs Use Personal Finance to Support Their Business

Personal savings and mortgages used to fund the biggest investments A quarter of small and medium sized enterprise (SME) directors have used personal finance sources of funding including mortgages, credit cards and savings accounts to support their business says Experian UK. Experian surveyed a range of SMEs to better understand how they fund business ventures. Of those that had used ... Read More »