Member Article

Almost half of small businesses banking online

42% of SMEs now use internet banking, according to the British Bankers Association (BBA). During the latest 12 months, nearly 547,000 small businesses have established new banking relationships. Lending to small companies has increased by 10% over the last year, bringing the total owed to creditors to £34bn. Overdraft lending is also up by 8% over the year and is now at £9.2bn. BBA chief executive Ian Mullen said: “With more than half a million new banking relationships being established in the last twelve months and a significant proportion of all businesses now banking online, the banks’ effective support for the small business sector is clear. While deposit and overdraft growth are both around 8% per annum, the moderation in growth in term lending is noteworthy and suggests that small firms are settling down to a more sustainable level of borrowing.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .