46% of UK invoices are paid late; a major problem for businesses of all sizes and the reason Trade Credit Insurance (TCI) has surged in popularity in recent years.
Compulsory insurance isn’t a new concept. In the UK, drivers have been obliged to take out motor insurance since 1930, while companies require employers liability insurance to cover workplace accidents. Given the massive risks that businesses face in 2020, should trade credit insurance (TCI) also be made mandatory?
Body blow for the sector or a short-term crisis? While working capital experts remain split on the long-term impact of the COVID crisis, there’s one thing we can all agree on: that lenders are under pressure to adapt to the new world, fast.
Across the board, lenders’ and clients’ practices and expectations have been turned upside down by the COVID crisis.
Lenders have faced a fierce battle over the last six months, as COVID-19 put domestic and international marketplaces under immense, extraordinary pressure.
As the UK Government launches its £10 billion Trade Credit Insurance scheme, we’ve joined forces with credit insurer Nimbla to offer their breakthrough single-invoice BDP (Bad Debt Protection) product to UK SMEs when they apply for invoice finance.