Commenting on the latest Bank of England Credit Conditions Survey, Louise Beaumont, Head of Public Affairs & Marketing at GLI Finance said:
“The latest data from the Bank of England clearly reveals that whilst demand for lending from small businesses increased, the overall availability of credit to the corporate sector has remained unchanged. The structural barriers of the credit ecosystem show no signs of being removed at a time when many businesses are struggling to come adjust to a post-Brexit landscape.
Whilst we welcome the FPC’s recent attempts to widen the accessibility of finance to SMEs, we have been here before and such measures have a well-established track record in failing to stimulate lending.
With SMEs coming under more pressure and demand for credit set to outweigh supply, alternative finance has never been more vital. All stakeholders from government to industry must redouble their efforts to ensure UK businesses are made aware of alternative finance, its benefits and specialist products it can provide in order to help SMEs weather choppy economic waters.”