Lending to SMEs holds steady in February
According to the Bank of England's Money & Credit report, released this morning, February saw gross lending to SMEs of £4.8 billion - the same as in January of this year.
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Repayments by SMEs were £4.2 billion and net lending to SMEs - defined as gross lending less repayments - was £0.6 billion.
The Federation of Small Businesses published their Q1 SME report recently, saying:
"Access to finance has been a key priority for FSB for many years, and with a record percentage of smaller businesses accessing credit in the past quarter, it appears significant progress is now being made. Alternative financing models, such as peer-to-peer lending and crowdfunding are becoming increasingly attractive to smaller businesses, with almost 1 in 10 using these new and innovative products."
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