Business Borrowing Increases In July
According to data produced by the British Bankers Association (BBA), July 2016 saw an increase in the amount lent to non-financial businesses by high street banks. This is obviously good news for all those businesses requiring finance of some kind whether it is by way of the likes of a commercial mortgage, bridging loan, business loan or an overdraft facility.
In July 2016, the level of borrowing to such businesses rose by £2.3 billion that is a significant sum of money. This appears to have been the pattern within the manufacturing, construction and wholesale and retail sectors with the real estate sector seeing a drop in lending.
The above increase in July reversed the drop in lending seen in the previous month with the fall in June possibly being due to a lack of confidence and concern about what was at that time the awaited voting on Brexit.
Of course, it is not just the high street banks that provide finance to businesses although they are often the first place that business owners consider approaching should they be seeking finance for their companies. This is no doubt a natural and understandable reaction on the part of company directors some of whom may well speak with the business or commercial manager that looks after their business current account at their bank on a daily/weekly basis.
There are no doubt quite a few business owners who prefer to deal exclusively with their high street bank for all their financial requirements. However, this could be a little short-sighted on the part of some as how do those people know that their bank is offering the most competitive commercial finance package. There are many other specialist lenders out their who will consider providing finance for businesses including the likes of peer-to-peer lenders.
So, if you are looking for some form of business finance, why not get in touch with an independent, specialist commercial mortgage broker who has access to an extensive panel of lenders.