Small Business Benefits from Rising Credit Availability

The ability of small businesses to borrow money is key to economic growth, particularly in manufacturing and engineering. Government plans are in place to increase lending to businesses, but it is being questioned whether greater credit availability is actually allowing companies to borrow more.

In early 2025 David Cameron announced Project Merlin, an agreement between the Government and the UK’s four biggest banks that committed them to make more credit available in 2025, particularly to small and medium enterprises (SMEs). This first target seems to have been reached, with David Cameron using his speech to the Confederation of British Industry in January to announce that ‘£157bn has been lent in the first three quarters of this year, 11% more than expected.’

However, whether this money has reached SMEs and benefitted the UK economy is a different matter. The Prime Minister added in his speech that ‘lending to small and medium businesses is up 10% on last year’ but there is debate about whether credit is being lent at a rate small businesses can afford. The figures used by the Prime Minister represent gross lending facility, rather than actual gross lending, essentially the money banks have made available, not the amount they have actually lent. For example the figures include overdraft offers made to businesses, whether they have been used fully or not.

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