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Business loan an alternative to business account overdraft?
Reported on Thu, 20 Jul 2006
Small to medium-sized enterprises (SMEs) in the UK owe £9.2 billion on business account overdrafts, according to new research, but a business loan could prove to be an alternative.
SMEs owe banks £34 billion, according to a report from the British Bankers' Association (BBA).
With 42.5 per cent of SMEs now using internet banking, borrowing from banks for business developments or expansions has risen by ten per cent over the past year.
Ian Mullen chief executive of BBA, said: "While deposit and overdraft growth are both around eight per cent per annum, the moderation in growth in term lending is noteworthy and suggests that small firms are settling down to a more sustainable level of borrowing."
Research released by Lloyds TSB earlier this month suggested that SMEs in the UK are not using the internet to its full potential.
But with the surge in online banking, small businesses may benefit from using their new found internet knowledge to seek out and apply for the best business loan on offer to them.
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