Small Business Support - June figures
The longer working month gave a consequent rise in new lending in June. More than 11,000 new loans were provided for a total value of £598m (around £70mn more than the average for April/May).
BBA statistics director, David Dooks, said of the latest data:
"On a daily average basis, banks are making available around £27mn of new term lending to small businesses each working day. Over the past twelve months, nearly £7bn of new, long-term lending has been provided. The £46bn outstanding level of term loans and £8.5bn level of overdraft borrowing are remaining fairly stable: subdued volumes of new lending are offset by loan repayments from businesses seeking to reduce financing costs and reliance on borrowing by operating out of cashflow. In fact, over the last four months, small business deposits have grown by £2.5bn."
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Notes to Editors
1. Contributors to this survey are Santander UK (including Alliance & Leicester), Barclays, Clydesdale (including Yorkshire Bank), HSBC, Lloyds Banking Group (including HBOS), Royal Bank of Scotland (including NatWest) and The Co-operative Bank.
2. Small businesses are defined here as those commercial businesses with an annual bank account debit turnover of up to £1 million. Although clubs, charities and societies operate small business accounts with banks, their activities are not commercial in nature and are therefore not covered by these data.
3. Net changes are adjusted where appropriate to remove the effects of reporting discontinuities or coverage breaks, thus reflecting underlying business movements.
4. The BBA provides practical help and advice for small businesses, including a business account finder, in a Small Business Policy Issues Section of our website (www.bba.org.uk).