Small business support at £500m per month

Date: 12th March 2010

Financial support for small businesses is two per cent higher than 12 months ago, new figures have revealed.

A recently-published report from the British Bankers' Association (BBA) also showed that lending to small businesses has remained above £500 million per month during the start of 2010.

Data from the study showed that small businesses borrowed a total of £511 million in December 2009 and £534 million in the first month of the new year.

David Dooks, BBA statistics director, said: "Lending to this particular part of the business sector has grown by two per cent over the last year, even with the winter months seeing the usual lower demand for bank finance and comparisons with the same time a year ago showing relatively weaker lending.

"Trading conditions for small businesses continue to be difficult, but after December's seasonal low number of new relationships, it is encouraging to see small businesses opening bank accounts in similar numbers to previous months."