Business loan applications double in January

The SME lender says it has seen a record amount of business borrowing at the start of the new decade, reporting a 116% spike in applications compared to the start of December.

The number of applications fhas already surpassed the total for December 2019 (6,000 applications), with the number set to more than double by the end of the month, forecasted at 13,000.

David Luck, CEO at Capital on Tap, commented: “It’s great to see so many new applications for business finance for the start of the year. Our figures display promise for the year ahead, with companies hoping to invest these amounts, which will help the UK economy.

"These spikes in applications and amounts lent not only show the ambition of UK businesses but also solidifies our business model as an increasingly popular way for SMEs to obtain the finance they need in a fast-paced world.”