Credit availability improves for small companies: BoE

Credit availability improves for small companies: BoE

The Bank of England's 'Agents' summary of business conditions' August update, released today, shows credit availability has improved slightly for small companies and that financing remains 'readily available generally'.

However, consumer spending has slowed slightly and consumer goods price inflaiton has risen further.

Graham Toy, chief executive of National Association of Commercial Finance Brokers, said:

"Hidden amongst the gloomy headlines of subdued consumer spending and recruitment difficulties, the Bank's latest business conditions hold a number of silver linings for small businesses.

"Credit availability continues to improve for SMEs and financing remains readily available. This is vital for small businesses as they look to hold a steady course through these uncertain times.The fall in sterling also continues to provide a fertile environment for exporters - which is good news for the more than six in ten small companies that trade internationally.

"All-in-all, this is remarkably heartening data for a sector that has been dogged by downbeat forecasts."


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