Small business lending shows '˜appetite for growth'

Lending to small firms hit a record high in the year to June. Picture: Contributed

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Small business lending hit an all-time high in the year to 30 June despite Brexit uncertainty, data published today has revealed.

The National Association of Commercial Finance Brokers (NACFB) said that according to its latest annual figures, business written by its brokers reached £20.7 billion, a year-on-year jump of 30 per cent.

Traditional long-term commercial property lending was up across the board, with commercial mortgages up 54.8 per cent to exceed £5.3bn.

A new finance model is emerging from the crowd

NAFCB chief executive Adam Tyler said: “It’s been a phenomenal and record-breaking year across the commercial finance sector.”

He said the UK’s SME community is demonstrating “a real appetite for growth” and he also flagged a “significant” switch to traditional forms of lending, with new forms of business finance down by 14.4 per cent. “There has never been a better time for businesses to secure finance,” Tyler added.

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