It’s a testament to the UK business community’s resilience that confidence has bounced back so rapidly after the referendum vote. From Adam Tyler, Chief Executive of the National Association of Commercial Finance Brokers (NACFB).
These findings match what we’re continuing to see at ground level, namely that lending to SMEs has remained robust despite the inevitable volatility in June and July. Even with Brexit and the uncertainty leading up to it, our recent annual results show that lending over the last year was up 30 percent on the former 12 months. Brexit hasn’t caused businesses to panic, but has shown them to be pragmatic.
While it’s encouraging to see that some P2P lenders are becoming more prominent in SME funding, companies must do their due diligence before choosing lenders in this sector. Some are robust and proven, others are paper thin and have simply jumped on the bandwagon.
The large network of commercial brokers we have around the UK are telling us that demand for credit and finance is strong and that there is also an appetite among both conventional and alternative lenders to offer it. Finance has by no means dried up. What also helps is that the Bank of England has shown it is prepared to do whatever it takes to keep the UK economy strong. I think your average business can sense this institutional support.
