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From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
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Home / News Articles / Statistics / SME Statistics
Commenting on the latest BBA figures, Mike Conroy, Managing Director, Business Finance said:
“Net lending to SMEs of £2bn last year was the first positive annual figure in this data series, despite applications for loans and overdrafts being lower than in 2014. While alternative products such as leasing and invoice discounting are playing an increasing part for SMEs, the fact that their deposits are growing by 7% annually means that the need for external finance has been lessened. However, for those SMEs seeking loans or overdrafts, more than 8 in every 10 applications are approved, so the fact that more than £6bn of new lending was approved quarterly last year and that there was positive net lending across 2015 are encouraging signs.”
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