According to the Yorkshire Post, new research prepared by CYBG, the parent of Yorkshire Bank, suggests that 35 per cent of SMEs continue to find accessing finance from banks a challenge.
It showed that 9 per cent of SMEs considered accessing finance to be either “very difficult” or “almost impossible”. The research also highlights that 41 per cent of those businesses based in the regions – outside of London and the South East – believe they do not have access to finance on an equal basis to businesses located in London.
Last year CYBG was successfully listed as an independent Bank having been previously part of the National Australia Group. Since its independence the bank’s core SME business returned to growth for the first time last year, in the past five years, growing by 6.1 per cent, with more than 90 per cent of SME lending focused on the UK regions outside of London.
The increase in funding has enjoyed a warm welcome from the Government’s small business minister Margot James, who said: “Today’s announcement from Clydesdale and Yorkshire Bank will be welcome news for SMEs across the country that want to access the finance they need to grow and prosper. I am especially pleased to see that 90 per cent of this credit facility is destined for businesses outside London and the South East, with a focus on Yorkshire.”
Read more at: http://www.yorkshirepost.co.uk/business/
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