Nicola Horlick comment on BofE business lending statistics
Commenting on Money&Credit business lending statistics, Nicola Horlick, CEO of person-to-business lending platform Money&Co., said:
“The economy is picking up, and for many it truly seems like the worst is behind us. This sadly isn’t the case for swathes of small and medium-sized businesses across the country though – of which there are more than 4.9 million. Lending to this vital business group is still not robust enough. What is needed is a pick-up in lending and increased uptake of alternative finance, such as person-to-business lending and crowdfunding.
“If we don’t see improvement in access to finance, we risk seeing stymied growth for the very businesses that have traditionally been an engine for growth. Crowdfunding is part of the solution, but we also need a more responsible banking sector, committed to supporting growth.
“The alternative finance sector is growing and developing fast, and platforms such as Money&Co. are offering more sophisticated and flexible investment vehicles such as the opportunity to sell on loans. The challenge is to make UK SMEs aware of these opportunities.”