Bank lending to small businesses down again, but our figures show 30% growth for last quarter
Bank lending to small and medium businesses fell in the three months to August, according to figures published by the Bank of England today. The Trends in Lending report showed that net lending to businesses of all sizes fell by £2.3bn.
Despite this drop – that few will be surprised of – lending through Funding Circle has continued to accelerate. Lending increased by 30% in the last quarter with more than 570 businesses borrowing from Funding Circle investors. Compared to 12 months ago this figure is an increase of 170%.
As the economy continues to show positive signs, we’re looking forward to helping even more businesses access finance throughout this year and into 2014.