ThinCats: Bank of England gross lending to SMEs - there is certainly more to be done
Kevin Caley, CEO of ThinCats comments on the Bank of England’s figures on Money and Credit – Gross Lending to SMEs:
“SMEs might take some solace from today’s figures showing that they are slowly being given more financial backing. However, this is only a small improvement and there is certainly a lot more to be done for UK SMEs, who still face a serious lack of financial support in order to grow.
“The peer-to-peer finance sector has been expanding rapidly to fill this lending gap, which clearly demonstrates the on-going need for viable alternative sources of finance and supports the view that the market opportunity is both permanent and very large. Over £500 million of new consumer and small business loans have been provided by peer-to-peer platforms since April, the fastest rate of growth yet and the most rapid growth is in the business lending sector. The success of the peer to peer sector is clearly justifying Government support and encouragement by stepping up to meet the challenge and fill the gap left by the banks.”