In a world where challenges persist, the finance landscape has showcased remarkable adaptability. Notably, supply constraints and accessibility hurdles have been met head-on with innovative solutions.
š¦ 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.
š 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.
š 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.
š 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.
š” 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.
š 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:
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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