Bank Bucks Crunch with Increased Lending to Small Business
In spite of difficult market conditions Barclays has increased its lending and overdrafts to small businesses by 5.3.%, from £9.6 billion September 2007 to £10.1 billion September 2008.
Further, Barclays annual rate of lending growth to small business increased from 2% to over 5% over the summer, at a high point of concern around the credit crunch (Q2 2008, Q3 2008).
“There has been genuine concern among businesses that lenders are not supporting local businesses, but these figures speak for themselves,” said Steve Cooper, Managing Director of Local Business at Barclays.
“We are supporting businesses in the best way we know how – with money, with services and with skills. We remain open for business, and we have a desire to keep on lending to companies that are a good risk, and that provide a good return to our shareholders.
“Businesses are also meeting us partway – our customers are borrowing prudently and with an eye to the external environment. We’re seeing a significant increase [9%, September 2007 to September 2008] in loans of ten years or more, loans that are the cornerstone of long term investment.”
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