Enterprises bank online for business loans

Thu, 20 Jul 2006

Nearly half of all small and medium-sized enterprise (SME) transactions such as business loans payments are carried out online, according to new research published today.

There has been increased growth for SMEs in Britain, with a subsequent rise in the number of business loans being completed online.

Lending growth for SME's rise in the financial year to a figure of £34 billion, though there was a decline of 18 per cent from the previous year.

Ian Mullen, chief executive of the British Bankers' Association, commented: "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 eight per cent 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."

The research follows news released yesterday that more companies are seeking business loans to help them develop their own firms.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.


 

Business Newsletter

Please enter your email below and subscribe to our monthly newsletter

Reduce mortgage paymentsSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health InsuranceProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.