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Small business lending increases

Small business lending increases

Category: Economy

Updated: 04/08/2009
First Published: 01/05/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The level of high street bank's lending to small businesses rose by £271 million in March, according to figures released by the British Banking Association (BBA).

The news is a boost to companies keen to borrow as hope that the worst of the credit crunch is over mounts.

Deposits made by small companies increased by £881 million in March, while over 52,000 new small banking relationships were established between firms and lenders – a similar level to quarter one of 2008.

"The stock of lending to small businesses is around 5% higher than a year ago and has risen each of the first three months of 2009, reflecting general banking support and individual bank pledges to make finance available," said BBA statistics director, David Dooks.

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