Record month for SME lending as NACFB brokers hit £1.25bn
04 November 2014
- NACFB brokers facilitate £1.25bn lending to SMEs in September 2014
- Lending at record level post-financial crisis
- Milestone reached as NACFB launches inaugural ‘Love Lending Week’
- Strong message for SMEs from full spectrum of lenders: we can lend more
The National Association of Commercial Finance Brokers (NACFB) has facilitated £1.25 billion in lending to small businesses in a single month. The impressive figure from September 2014 represents a significant increase in lending from the full spectrum of finance providers – including P2P, crowdfunders, challenger banks and high street banks – following the £1billion lending figure that the NACFB reported in May 2014.
The figure comes as NACFB launches Love Lending Week – a new initiative to promote lending to small businesses across the country and educate SMEs about the full range of lending options available to them.
Recent research conducted by NACFB has indicated that the vast majority of SMEs are still unaware of what’s available beyond the high street banks – or that those lenders can be accessed via an expert broker. Running from 3rd – 7th November, Love Lending Week brings together 1,100 commercial finance brokers and more than 100 lenders in the UK with a strong message about their appetite to lend to small businesses.
Marcus Grimshaw, Chairman of the NACFB said:
“In recent years we’ve seen a burst of new lenders enter the market, to support many thousands of SMEs who have previously struggled to secure finance, despite being in a strong position to grow. Reaching £1.25bn lending in a single month is a very positive signal that lending conditions for SMEs are improving, and lenders old and new are making an impact.
“But we’re not out of the woods yet. There are still too many business owners who are in the dark about their finance options. We created Love Lending Week to spread the message that there are many lenders in the UK who are already lending to small businesses, and would love to lend more. We need to educate the country’s small businesses about their options if we’re going to give them the financial support they need to thrive.
“The industry is working hard to play its part. Government initiatives, such as the SME referral process, now need to be prioritised to ensure that UK companies do not miss out on crucial funding. If lenders, brokers and government can all work together, the lending process can be streamlined and securing funding will become a more achievable task for SMEs.”
The NACFB launched findSMEfinance.co.uk to help bridge the gap between the many thousands of credit-worthy SMEs who want to borrow, and the wide range of lenders out there who are ready and willing to lend.
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