Gross Business Lending Increased In Second Quarter 2020

Industry News | 06/10/20

UK Finance’s Business Finance Review for the second quarter of 2020 showed that gross lending during this period was 50 per cent more than the entire annual total in 2019. This data reflects support for businesses provided by the banking and finance industry, including via the government’s business interruption schemes to help firms through the Covid-19 crisis. Over a million businesses had applications approved for finance under the government-backed lending schemes by the end of June, while un-utilised overdraft facilities and invoice finance options provided businesses with a degree of financial flexibility during lockdown.

Source: UK Finance