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Loan claim: Banks still reluctant to lend to SMEs

Although they have been upping the amount of credit that they are making available, banks still do not seem to be keen to lend to small to medium-sized enterprises (SMEs).

The Credit Conditions Survey from the Bank of England has revealed that credit to businesses was up overall in the first quarter of 2013 but only for larger corporations. Lending to SMEs remained unchanged.

It is predicted that this lack of lending will continue through the second quarter.

This has prompted concerns from the British Chambers of Commerce (BCC) as to how this will affect economic growth.

Dr Adam Marshall, director of policy for the BCC, said: “Although the overall supply of credit to businesses increased for the second successive quarter, it is concerning that the rise was confined to big business, while SMEs continue to be left out in the cold by lenders.”

SMEs are hoped to provide strong growth within the UK’s economy but they often struggle to finance their business.

The government has previously tried to encourage banks to agree loans with SMEs using its Funding for Lending Scheme, although this has failed to produce strong results so far.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801566495-ADNFCR

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