Lending to small and medium-sized businesses increased in the first two months of the year, after a strong performance in 2014, according to the Bank of England (BoE).
“Gross lending by all UK monetary financial institutions to SMEs was higher in 2014 than in recent years,” the BoE’s latest lending report said.
Financial institutions’ lending to SMEs increased by 19% year-on-year in February to reach £4.3bn, after achieving similar growth in the previous month.
Stephen Hodges, banking CEO of merchant banking group Close Brothers, said there has been consistent borrowing appetite from SMEs operating in the print, manufacturing and transport sectors.
“It is surprising that we have not seen more small businesses sitting on their hands and waiting for the outcome of the election,” Hodges said. “In fact many small businesses have been borrowing and investing regardless of the political uncertainty.”
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