British Chambers of Commerce: more support needed for UK SMEs despite lending rise
- British banks and building societies drew down £5.1bn in Q2 2015 from the Funding for Lending Scheme.
- Net lending to SMEs rose by £0.5bn in Q2, compared to rise of £0.6bn in Q1.
Commenting on the Funding for Lending Scheme figures published by the Bank of England today, Dr Adam Marshall, Executive Director of Policy and External Affairs at the British Chambers of Commerce, said:
“It is encouraging that lending to small and mid-sized businesses rose slightly for the second successive quarter.
“Over recent years lending to SMEs has consistently fallen, so it is welcome news that net lending over the first half of this year is bucking the trend. However, our business finance system is not where it could or should be, and some of our most promising young companies still struggle to get the finance they need to grow.
“If these firms are to reach their full potential we need to see greater competition in banking, improved access to non-equity finance and a British Business Bank that is scaled up to support the ambitions of our future wealth creators.”