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New lending rises in June, say BBA.

30 July 2010

The longer working month gave a consequent rise in new lending in June, reveals the latest Small Business Support report from the BBA

More than 11,000 new loans were provided for a total value of £598m (around £70mn
more than the average for April/May). The average new loan is for £50,000 and typically of more than 10 years duration, on variable interest rates.

The majority of the £46bn of lending outstanding to the small business sector is based on variable interest rates.

An average number of 2,200 new banking relationships were established each working day in June, giving a monthly total of 49,000 small businesses opening their first account from a business product range. Nearly 300,000 new relationships have been established this year so far.

Some 3.9 million small businesses have current, deposit or loan accounts with high street banks. Small businesses' cash holdings in their current and deposit accounts have continued to rise in recent months, to a record total of some £56bn at end-June.

BBA statistics director, David Dooks, said of the latest data:

“On a daily average basis, banks are making available around £27mn of new term lending to small businesses each working day. Over the past twelve months, nearly £7bn of new, long-term lending has been provided.

"The £46bn outstanding level of term loans and £8.5bn level of overdraft borrowing are remaining fairly stable: subdued volumes of new lending are offset by loan repayments from businesses seeking to reduce financing costs and reliance on borrowing by operating out of cashflow. In fact, over the last four months, small business deposits have grown by £2.5bn.”

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