Barclays increases lending to small business - Spear's Magazine

Barclays increases lending to small business

In spite of difficult market conditions, Barclays has increased its lending and overdrafts to small businesses by 5.3 percent.

In spite of difficult market conditions, Barclays has increased its lending and overdrafts to small businesses by 5.3 percent, from £9.6 billion September 2007 to £10.1 billion September 2008.

Furthermore, Barclays annual rate of lending growth to small business increased from 2 percent to over 5 percent over the summer, at a high point of concern around the credit crunch, despite the perception that SME lending had almost dried up.

Steve Cooper, managing director of Local Business at Barclays, said that Barclays is meeting ‘partway’ with customers who borrowing prudently but with an eye to the external environment. This is especially noticeable in loans of ten years or more – the cornerstone of long term investment – which have increased by 9 percent between September 2007 to September 2008.

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