Borrowing By Businesses Falls In June
According to the British Bankers Association (BBA) that obtains lending data from high street banks there was a drop in the amount lent by banks in the UK in June 2016 to certain sorts of businesses. This is the first time that this has happened this year.
Apparently, non-financial companies borrowed £526 million less in June 2016 and this may have had something to do with businesses delaying making investment decisions until the forthcoming BREXIT vote had taken place. It will not become apparent for another few weeks if this was a major reason.
It is not only the major high street banks and building societies that provide commercial lending to businesses here in the UK. Yes, in years gone by, they were by far the main source of funding but over an extended period of time more lenders have come to the fore to provide competitive lending packages to businesses.
The difficulty for many busy owners of companies is deciding how and where to obtain a competitive lending package other than from their bank. After all, it is so easy just to pick up the phone to their business manager who looks after their day-to-day banking requirements to discuss the situation without bothering to try to find out if they could get a better deal elsewhere by shopping around.
This is where the services of an independent commercial loans broker could prove to be of benefit to business owners. Such a broker can take the “spade work” away from a busy Managing Director and help to try to source a suitable, competitive commercial lending package from an extensive panel of lenders that may include the likes of the high street banks and building societies, specialist lenders as well as peer-to-peer lending platforms. So, if you are looking for business finance, why not get in touch with Commercial Mortgage Link who will put you in touch with an experienced, professional broker to discuss your requirements.