Looking for a used or new machine tool?
1,000s to choose from
Machinery-Locator
Mills CNC MPU 2021 Ceratizit MPU Hurco MPU Bodor MPU XYZ Machine Tools MPU

Machinery-Locator
The online search from the pages of Machinery Market.

Ermaksan CNC HAP 3100 x 300 Ton Hydraulic Press Brake
Tonnage: 300 Ton
Bending Length: 3100mm
Guarding: Front Erwin Sick Light Guards
Tooling: Top & Bo
Tonnage: 300 Ton Bending Length: 3100mm Guarding: Front Erwin Sick Light Guards Tooling: Top & Bo...
AFM Europe

Be seen in all the right places!

London Build 2024 Expo Manufacturing Indonesia Steelfab 2025 Southern Manufacturing 2025 METALTECH & AUTOMEX 2025 EMO 2025 MACH 2026

Manufacturers shore up finances ahead of Budget

Posted on 25 Oct 2024. Edited by: John Hunter. Read 395 times.
Manufacturers shore up finances ahead of Budget In a sign of improved confidence in the manufacturing sector, the latest data on personal guarantee-backed business loans to smaller manufacturers shows a dramatic rise in applications for finance for the third quarter of 2024. Purbeck Personal Guarantee Insurance saw a 161% year-on-year increase in applications for personal guarantee-backed business loans by the directors and owners of manufacturing businesses. Personal guarantee-backed loans require the business owner to put their personal assets (such as their home and savings) on the line as security for the loan.

While an increase in loan applications suggest higher levels of confidence, Purbeck’s data shows that 48% of applications for personal guarantee-backed loans in the third quarter of 2024 were for working capital, to keep the business running. This is up from 34% in the second quarter of 2024. 15% of loan applications were for business acquisitions and a further 15% were for asset purchase.

Manufacturing firms are also being prudent about the amount they are borrowing. The data from Purbeck Personal Guarantee Insurance shows the average size of loan and corresponding personal guarantee demand was £167,865 — a marginal increase on the same quarter in 2023 (£166,030).

Todd Davison, managing director of Purbeck Insurance Services, concluded: “Our analysis echos the cautious optimism expressed in the Manufacturing Outlook for the third quarter of 2024, published by Make UK. We would hope that once manufacturers feel more confident about the outcome of the Budget and the impact of rising energy costs, they will have renewed confidence to invest and grow.”