SME lending in the first three quarters of 2020 more than double 2019 total

Industry News | 07/01/21

UK Finance data published today reveals that gross lending to SMEs in the first three quarters of 2020 amounted to more than double the annual total for 2019, reaching £54 billion.

The data, released as part of the quarterly Business Finance Review, shows that the UK banking and finance industry has delivered an unprecedented level of support to SMEs throughout 2020. The value of lending in the second and third quarters was £36 billion higher than during the same period of 2019 – driven by continued uptake of government-backed support.

Source: UK Finance