Half of small companies use online banking, business loans study shows

Wed, 09 May 2007

Almost half of small businesses are making use of online banking services as they look to manage business loans and other financing needs, new research indicates.

Data from the British Bankers' Association indicates that 45 per cent of small-scale companies are utilising online banking at present, company bosses may be interested to know.

Meanwhile, this sector apparently also increased their reliance on business loans in the last year.

Figures from the banking organisation confirm that small businesses borrowed £37.2 billion in term lending agreements in 1996, which represents an eight per cent year-on-year rise.

"Banking services are important for small firms and for the UK economy," affirmed David Dooks, director of statistics at the British Bankers' Association.

"Small firms' structured term borrowing to fund investment showed health growth."

Recently, the British Bankers' Association analysed the current state of the mortgage market.

It discovered that the total number of mortgage approvals had fallen eight per cent in the year to March 2007.

Moreover, the banking organisation also revealed that net mortgage lending grew by £5.1 billion.

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