Borrowing Outstanding To SMEs Drops In October
According to data published by the Bank of England, the amount of borrowing outstanding to SMEs here in the UK fell by £0.1 billion in the month of October 2017. The amount of loans outstanding totalled £165.4 billion of which £13.1 billion related to borrowing by way of overdraft.
When you look at the amount lent to various industries in the SME sector some £63.9 billion is being borrowed by real estate, support activities and professional services but this is £0.3 billion less than in September of this year. The construction industry and the agricultural, fishing, forestry and hunting industry were each borrowing £16.4 billion and both industries each saw a drop in borrowing of £0.1 billion.
Whilst writing, we thought you might also find it of interest if we highlighted some of the borrowing statistics relating to large businesses here in the UK for October 2017. There was an increase of £1 billion to £302.5 billion to such businesses when compared with September 2017.
The amount outstanding in loans to large businesses in the real estate, support activities and professional services industry totalled £121.3 billion with this being a fall of £0.1 billion. The wholesale and retail trade had £37.6 billion outstanding in loans as at the end of October 2017 with this being a rise of £0.5 billion when compared with September of this year. Manufacturing industries had loans outstanding of £33.3 billion with this being £0.3 billion when compared with the previous month.
Since October we have seen a 0.25% increase in the Base Rate so it will be interesting to see the impact this may have on November’s figures. We will provide an update about this in due course.
Whether you are an SME or a large business looking for some form of borrowing then why not get in touch with us here at Commercial Mortgage Link. We will then put you in contact with an experienced commercial mortgage broker who has access to an extensive panel of lenders here in the UK who will discuss your requirements in detail and, if appropriate, do all that he or she can in helping source and arrange suitable finance.