Banks tell small firms to borrow more to grow

first_img Express KCS More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Banks tell small firms to borrow more to grow Tags: NULL PRODUCTIVITY in the UK is being held back by small firms’ reluctance to borrow, the British Bankers’ Association (BBA) argued yesterday.Borrowing makes firms more likely to innovate, export and plan growth, the group said.The plea for small- and-medium-sized enterprises (SMEs) to borrow more comes after several years of banks being blamed for cutting off small firms’ credit lines, and marks a mood reversal for the industry.“One of the worries about the recovery is that there is so far little sign that Britain’s productivity is improving,” said BBA chief economist Richard Woolhouse. “Innovation is one of the most important ways businesses can make themselves more productive.”“The fact that firms who won access to bank finance were 32 per cent more likely to have innovated suggests that if more businesses felt confident about applying for credit, our national productivity rates could receive a significant boost.”The study, using data from BDRC-Continental’s SME monitor, found 37 per cent of all SMEs innovated in the last year, compared to 49 per cent of those who successfully applied for loans. Thursday 18 December 2014 8:58 pm Share Show Comments ▼ whatsapp whatsapplast_img

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