Lenders back SMEs to beat recession

Date: 24th October 2008

The UK's banking sector has pledged its continuing support to small businesses and promised to help them through a recession.

A statement from the British Bankers' Association (BBA) yesterday (October 23rd) stated that lenders would be doing all they can to support business start-ups through the downturn.

Small firms have suffered a tough year so far, with taxation and increased business costs accounting for some of the sector's problems.

Chief executive of the BBA, Angela Knight, commented: "The UK banking industry has always been and remains a strong supporter of small businesses.

"Behind every successful entrepreneur, there has been an initial helpful relationship with a bank manager who shares the business vision."

Statistics from the BBA showed that business loans grew by 11 per cent to £44 billion in the 12 months leading to the end of June 2008.

Small firms have until the end of the month to a file a self-assessment tax return with HM Revenue and Customs, or alternatively, until the end of January if submitting online.