Emily Skellham
Updated: Oct 31, 2023
🏦 Challenger Banks Rise to Prominence: The stage was set for change as challenger and specialist banks emerged as major players, capturing an unprecedented 55% market share. This vibrant diversity has become the driving force behind a financial evolution that resonates.
🌍 Embracing Change, Forging New Paths: In the midst of a pandemic's impact, these institutions embraced opportunities within sectors profoundly affected. This commitment to both financial growth and societal well-being shines as a testament to their resilience.
📈 Surge in Asset Finance Markets: A soaring 11% surge in new business within the asset finance market paints a picture of overcoming adversity. This surge signifies not only resilience but also a triumph over supply chain disruptions.
🔄 Rebound and Recovery: As invoice and asset-based lending steadily returned to pre-pandemic levels, the finance sector demonstrated a remarkable potential to rebound with tenacity. While SMEs' embrace of this financing approach remains in progress, the path forward reflects the unwavering resilience of the business community.
💡 Crafting Solutions Amidst Change: Smaller banks and non-bank lenders have exemplified strategic prowess in the face of challenges. Creative responses to heightened funding costs, driven by rising interest rates, reaffirm financial leaders' adaptability.
🌟 2022: A Year of Resilience and Progress: As the narrative of 2022 unfolds, it becomes a testament to resilience, adaptation, and undeniable progress. Challenges have acted as catalysts for growth and innovation. The awe-inspiring achievements in asset finance underscore a dynamic, evolving landscape, illuminating a path toward a promising future for all.
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To read more about everything Asset Finance and how it can help you and your business make considerable savings each month then please click the link below:
https://www.approvedbusinessfinance.co.uk/asset-finance
If you would like to continue reading the financial report by the British Business Bank then please follow to link below:
https://www.british-business-bank.co.uk/wp-content/uploads/2023/02/J0189_BBB_SBFM_Report_2023_AW.pdf
Furthermore, if you would like to discuss your finance options with a member of our Approved team then please call 01908 429888 or email in at Info@approved-finance.co.uk
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