Finance Praseeda Nair · 27 March 2017
Small firms urged to seek alternative finance as business borrowing falls
Access to high street finance for the owners of small UK companies has taken another hit, as new figures reveal a sharp decline in business borrowing for February. According to statistics from the British Bankers? Association (BBA), business borrowing from high street lenders decreased by 1.6bn in February. The annual growth rate of 0.9 per cent represented a sharp decline on the 2.1 per cent annual increase recorded in January, when lending increased by 3.4bn. Eric Leenders, BBA retail banking director, attributed the decline in business borrowing to a cautious approach? from company decision makers who have used cash reserves and alternative lending sources to finance operations.
ABOUT THE EXPERTPraseeda Nair
Praseeda Nair is an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.