Five banks are on target for lending to businesses
11 April 2012
The Bank of England today confirmed that the five banks that committed to lending more money to business under Project Merlin are well on track to hit their target.
Gross lending to all business in the first half was £100.3 billion, and to small and medium-sized businesses £37.3 billion, the Bank said. That is slightly over and slightly under half the targets set for the year of £190 billion and £76 billion respectively.
David Frost, director general of the British Chambers of Commerce, said: "Lending targets should not be the sole measure of how well small-business lending is performing. Banks are trying to change the way in which they interact with businesses."
