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Bank claim: Figures show a drop in bank lending to small businesses, despite profits

Banks are not lending enough to small businesses despite massive profits and government pressure, according to a non-profit business organisation.

The Forum of Private Business claims that despite a monthly increase, June's figures showed that year-on-year lending to small firms dropped by £269 million – a large figure even in the context of the recession at its worst point.

Matthew Goodman, Head of Policy at the Forum, said that loans and overdrafts have "decreased since the start of June" and that small businesses are central to economic recovery.

"The need for finance is only going to increase as the economy grows and as small firms, which must be the catalyst for sustained economic recovery, try to meet renewed demand," he said.

Last month, the Treasury and business secretary Vince Cable published a paper that explored ways to try and increase lending to businesses.

One idea being discussed is the taxation of banks' gross profits. HSBC, Northern Rock, Lloyds and Barclays have all announced half-year profits this week, prompting further criticism about a lack of lending to businesses.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800016416-ADNFCR

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