The UK alternative finance market is proving incredibly popular with small businesses as they look to avoid traditional high street lenders. By November, alternative lending will hit the £5 billion mark, with companies shelling out on average £211.5m a month during 2015.
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The Bank of England has released new figures regarding its Funding for Lending scheme (FLS), in which net lending to small and medium-sized businesses rose by £490m during the second quarter. Find out which bank lent the most to SMEs in the past three months.
During the first three months of the year, small businesses have gained over £600m in funding from high street banks, according to a report from the Bank of England.
While credit conditions for UK business are showing general signs of improvement, the situation for smaller businesses remains tight, according the Bank of England’s quarterly report on trends in lending.