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UK Finance reports rise in SME lending by high street banks

This marks the sixth consecutive quarterly rise and the highest amount since the second quarter of 2022, driven largely by SMEs.
The article from MSN, dated October 11, 2023, discusses a report from UK Finance indicating a rise in lending to small and medium-sized enterprises (SMEs) by high street banks in the UK. The report highlights that gross lending to SMEs increased by 14.6% year-on-year in the second quarter of 2023, reaching £52.5 billion. This growth is attributed to increased demand for working capital and investment in business expansion. The article also notes that despite the rise in lending, the overall stock of SME lending remained stable, suggesting that while new loans are being issued, existing loans are being paid off at a similar rate. The report underscores the importance of SME lending for economic recovery and growth, especially in the post-COVID era.

Read the Full GlobalData Article at:
https://www.msn.com/en-us/money/markets/uk-finance-reports-rise-in-sme-lending-by-high-street-banks/ar-AA1GUz5X

GlobalData

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