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Business loans could help SMEs fulfil potential
Reported on Mon, 06 Feb 2006
Business loans could help the UK's small businesses fulfil their long-term goals and ambitions.
The British Bankers' Association (BBA) believe that banks are beginning to offer a comprehensive service for SMEs in the UK and are now more willing to lend money to those starting out in the business world.
Term lending has risen by 15 per cent over the last year to total £32.7 billion, whilst overdraft lending has also increased by nine per cent to £8.9 billion.
BBA chief executive Ian Mullen, said: "In contrast to 15 years ago, term loans, around half with long maturities, account for the majority of lending, providing small businesses with the ability to structure their borrowing requirements over the longer-term and demonstrating banks' commitment to providing appropriate finance."
He added: "New business start-ups continue to seek out banking relationships, with around half a million new accounts being opened annually."
There has also been a growth in companies relying on internet banking to carry out day-to-day accounting.
For many small companies a business loan can be a viable solution to ensure long-term growth and maximise trading potential. 