"Financing projects from £50,000 to £100 million"

Santander increases lending to Scottish SMEs

Santander increases lending to Scottish SMEs

Santander reports that the Funding for Lending scheme has allowed it to increase its lending to small and medium-sized enterprises in Scotland.

SMEs in Scotland have received finance worth £115 million in the year to the end of September, a 43% rise on the previous year.

Santander accessed £1 billion from the Funding for Lending scheme in July, which has allowed it to increase its lending and reduce rates across its range of business banking products.

The bank’s increased commitment to lending in Scotland has been epitomised by a £7 million business investment programme, which includes the opening of a new business centre in Edinburgh and greater presence in Aberdeen.

"There are some fantastic businesses in Scotland," said Graham Silcock, Santander's regional director for corporate banking in Scotland.

"We are proud to be providing not only funding but, more importantly, a committed long-term banking partnership with more of the nation’s strong and growing companies."

Marcelino Castrillo, Head of SME Banking, added that Santander was actively growing its corporate division to increase support for small businesses.

"We have invested in growing both our regional presence and our product range this year, and are committed to accelerating this investment in 2013 so we can better support the strong business communities in smaller towns and cities as well as in the key industrial hubs," he said.

The bank suffered a £52 million setback last month when a bid to acquire 316 branches from the Royal Bank of Scotland finally collapsed.

Incidentally, Nationwide has now registered its interest in acquiring these branches with a view to competing in the sector for lending to SMEs by 2014 (read more).

Thursday, 29 November 2012 13:22
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