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Small business lending up

Small business lending up

Category: Business

Updated: 27/07/2009
First Published: 27/07/2009

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Lending by high street banks to small businesses rose by £391 million in June, according to figures released by the British Banking Association (BBA).

Last month's rise is the highest recorded in 2009 so far, and follows increases of £133 million, £267 million and £277 million in the previous three months.

In June, an additional 49,579 new relationships between small firms and banks were established. The BBA says that the figures are a further indication of businesses increasing confidence in trading conditions.

In addition, deposits from small businesses increased by £577 million – more than double May's total of £250 million.

"These figures provide more evidence of the high street banks' support for small businesses," said BBA statistics director, David Dooks.

The increase in term lending, new relationships and deposits were perhaps a reflection of improved business confidence in trading conditions, he added.

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