The Forum of Private Business has responded to the latest Funding for Lending figures released by the Bank of England this morning. Phil Orford MBE, Chief Executive of the Forum of Private Business, said:
“Today’s figures were an improvement on the second quarter of 2013 where SME lending had remained in negative territory, and suggest that the scheme’s impact on the cost of lending to businesses is starting to trickle through, although this excludes bank fees.
“Despite today’s positive news and recent moves by the Bank and the Treasury, businesses remain reluctant to borrow.”
“Further action is still needed by the banks to convince the small business community that they are here to support firms looking to grow and employ, something that has not been helped by recent press coverage. We hope that the recent incentives will also encourage the significant lenders failing to deliver full benefits of the scheme, to boost lending in future.”