Banks Willing to Lend More to Small Firms

Banks Willing to Lend More to Small Firms

According to the BBA (British Banker’s Association) banks are ready to lend small businesses cash.

It has emerged during a recent campaign by the industry group to promote small business lending trends that the majority of loans are now being approved. Even if loans are tuned down, they are usually now passed upon an appeal.

In fact the new lending has increased by a third in only a year to £11.5bn. The reason for the change is that banks and building societies can now borrow more easily from the Bank of England, provided the money is then loaned to businesses, although mortgage-seekers and individuals can no longer also take advantage.

Once many businesses have paid off existing loans and confidence further increases, it is hoped that many business owners will apply for loans and benefit from the British Business Bank which is being formed this year.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.