Lending to SMEs Increases In February
According to data produced by the Bank of England, the amount lent to SMEs here in the UK on a net basis increased in February 2018. That is a turn around when compared with the previous month.
The total amount lent to SMEs in February 2018 amounted to £165.9 billion with this being a rise of £0.7 billion. The amount lent by way of overdraft was £12.8 billion.
Real estate, support activities and professional services had borrowings of £64.1 billion with this being the most advanced within the various sectors. £49.0 billion was outstanding in borrowings to the o/w buying, selling and renting of own or leased real estate sector. The construction sector was borrowing £16.3 billion. This was closely followed by the agriculture, hunting, forestry and fishing sector at £16.2 billion.
Loans to large businesses totalled £300.8 billion in February 2018 with this being a rise of £2.9 billion. The sector borrowing the largest amount was the real estate, support services and professional services that had borrowing totaling £121.1 billion outstanding. The o/w buying, selling, renting of own or leased real estate sector was borrowing £81.2 billion. The wholesale and retail trade sector had borrowings of £37.2 billion and manufacturing was borrowing £32.9 billion. Transport, communication and storage had borrowings outstanding of £22.00 billion. Of the £300.8 billion overdrafts totalled £33.6 billion.
If you are an SME looking for borrowing then you will be pleased to read that there are many lenders available in the UK ranging from the traditional high street banks and building societies to specialist lenders including peer to peer lenders. In this respect, if you are looking for finance for your business why not get in touch with us and we will put you in contact with a specialist lending broker who will be able to discuss your requirements and hopefully assist in arranging a tailor made competitive lending package for your business venture.