Parliamentary Search

Written question asked by Geoffrey Robinson (Labour) on Wednesday, 27 January 2016, in the House of Commons. It was due for an answer on Tuesday, 2 February 2016 (named day). It was answered by Anna Soubry (Conservative) on Tuesday, 2 February 2016 on behalf of the Department for Business, Innovation and Skills.

Small Businesses: Finance

Question

To ask the Secretary of State for Business, Innovation and Skills, how many small businesses have received financial assistance from (a) peer to peer lenders and (b) other sources in the last 12 months.

Answer

Recent figures from the peer-to-peer finance association show that their members had 225,000 loans outstanding in the third quarter of 2015 and that over half of these by value were to businesses. That is a 108,000 increase on the previous year. Other sources such as crowdfunding are growing equally fast, and lending to smaller businesses from the banks has been recovering strongly. 80% of loan and overdraft applications to SMEs were successful in the 18 months to Q3 2015 , up from 68% in Q4 2013 (SME Finance Monitor)

Secondary information

Type
Written question
Reference
903388
Session
2015-16
Unstarred
Yes
Subjects
Finance Small businesses
Contains statistics
Yes
Link
View this Written question on www.parliament.uk