It’s still not great news for small businesses looking for loans.
Despite drawing £13.8bn from the government’s Funding for Lending scheme, banks and building societies have still cut loans to businesses and households by nearly £2bn in the first five months of the scheme’s operation.
The government is trying a number of approaches to try and stimulate the economy, but do recognise that small businesses are one of the major factors to getting the UK back on track.
Only time will tell if the banks begin to filter this money down to the businesses that need it.
