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CountingUp Launch, Ratesetter Business Loans and Focus on Late Payment - BFB Epsd 199

By Rob Warlow

For many small businesses, banking and bookkeeping are their least favoured tasks. To open this Bulletin, we look at a new mobile-only bank, CountingUp, which has opened its virtual doors with a small business banking solution combining banking and bookkeeping in one app. The availability of unsecured business loans from alternative finance providers has been a major boost for growing businesses. One such provider was Ratesetter, until their surprise announcement that they are pulling out of the unsecured business loan market. Finally, to close this Bulletin, we look at the continued fallout from the Carillion collapse. Focus is now turning to the impact late payment is having on small businesses. In the Carillion case, questions are being asked as to what is the point of voluntary programmes, such as the Prompt Payment Code, when larger companies can easily ignore it? Is it finally time to get tough on late payment?

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