Top Service News
Small Business Borrowing
Published on
Recent statistics from the Government-backed British Business Bank (BBB) reveal that challenger & specialist banks have now overtaken traditional banks when it comes to small business lending. In a survey carried out in the last quarter of 2022, 55% of the small businesses questioned had accessed finance from a challenger or specialist bank as opposed to a high street bank.
Emma Reilly, MD of specialist credit agency Top Service Ltd, said: “32% of construction businesses plan to grow in 2023 and it’s important that they are able to access the finance in order to achieve their growth plans”.
More details are available here: https://www.british-business-bank.co.uk/press-release/challenger-and-specialist-bank-lending-reached-record-high-of-35-5bn-in-2022-finds-latest-british-business-bank-research/