UK Finance Business Finance Review Q2 2020
UK Finance has today released its Business Finance Review Q2 2020, the full report can be seen here: https://www.ukfinance.org.uk/data-and-research/data/business-finance/business-finance-review
UK Finance provides a regular analysis of how the finance needs of small and medium-sized enterprises (SMEs) are being supported through lending from mainstream lenders and specialised finance providers and also looks at their deposit holdings.
This latest Business Finance Review provides a round-up of lending activity in Q2 2020 and shows how SME demand for finance developed through the unprecedented challenge and uncertainty resulting from the Covid-19 pandemic.
Stephen Pegge, managing director of commercial finance, comments: “With lockdown support measures fully operational in the second quarter, our data shows that many companies still had a degree of financial headroom from a combination of existing facilities and deposits, but the demand for additional support was substantial.
“Gross lending for Q2 was up 50% on the entire annual total in 2019, reflecting this significant demand with new overdraft facilities as well as the government’s business interruption finance schemes providing support.
“The finance industry continues to work closely with government and regulators to deliver the support schemes alongside its usual assistance measures to help viable businesses as they plan for recovery.
