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FLA comments on SME Finance Monitor report: extend finance guarantee scheme to leasing
Commenting on the SME Finance Monitor commissioned by the Business Finance Task Force, Julian Rose, Head of Asset Finance at the Finance & Leasing Association, said:
“The report recognizes the significance of leasing and hire purchase for financing business investment. Leasing and hire purchase is used by a third of SMEs with ten or more employees and has the highest approval rate for external finance. Last year leasing companies provided £20bn of investment finance in the UK and new finance grew 25% in May compared to 2010. As many businesses use asset finance as use bank loans, but more could benefit from funding if the Enterprise Finance Guarantee was extended to include leasing.”
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Note to editors:
In 2010 FLA members provided £69.8 billion of new finance to UK businesses and households. £19.6 billion of finance was provided to businesses and the public sector, representing around a quarter of all fixed capital investment (excluding real property and own-account software) in the UK last year. £50.2 billion was in the form of consumer credit, representing a third of all unsecured lending in the UK. And £18.4 billion supported the purchase of more than half of private new car registrations in the UK.
For further media information, please contact:
Russell Hamblin-Boone, FLA
T: 020 7420 9656 E: russell.hamblin-boone@fla.org.uk M: 07810 374110
Helen Saxon, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993