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Firms 'limiting business lending applications'

Date Added: 27/07/2011  

New figures show there are still problems with business lending, perhaps leading to more firms facing a winding up order in the future.

According to the British Bankers' Association (BBA), firms are holding back from expanding at the moment, due to the state of the economy in the UK.

Earlier in the week, it was revealed that growth slowed to just 0.2 per cent in the second quarter of the year, with the royal wedding blamed for the slowdown from the first three months of 2011.

BBA statistics director David Dooks said: "Businesses, as has been seen elsewhere, are concerned about the economic outlook and - in weathering difficult trading conditions - they are putting off expansion or investment plans and limiting borrowing."

Senior policy adviser for the Forum of Private Business Alex Jackman recently stated alternative lenders need to be given a way into the market so there is more choice for firms seeking loans.

Posted by Miles Pritchard

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