We’re committing a minimum £6 billion of lending over the next three years to help fuel growth for small and medium sized businesses all over the UK.
This commitment will include significant amounts of finance support across the UK economy in 2017, including:
Our research* shows that 35% of SMEs find accessing finance from banks to be a challenge. Another 9% of SMEs said that accessing finance is either “very difficult” or “almost impossible”.
The survey also revealed that SMEs identified finance as the key growth issue, with 41% saying it’s the most important factor that could help SMEs grow and prosper in their respective regions.
The research also highlights that 41% of those businesses based outside London and the South East believe they don’t have the same access to finance as businesses in London and surrounding areas.
Our SME business is concentrated entirely on UK firms, with over 90% of our SME lending focused on regions outside London. In 2017, we expect to lend over £200m to SMEs in the Yorkshire region.
We successfully launched CYBG as an independent banking group in 2016. That year, Clydesdale and Yorkshire Banks’ core SME business returned to growth for the first time in five years, growing by 6.1%, with new loans and facilities granted growing by 15%.
Gavin Opperman, Group Customer Banking Director at CYBG, said:
“With our rich and longstanding heritage across core regional economies, we recognise the important role local businesses have in forming the backbone of the UK economy, by providing employment and financial security for business owners and their employees. CYBG has been acting as a regional economic champion for over 175 years and we have a history of supporting businesses at critical moments in their growth.
“Our focus on developing lifelong relationships with our customers via our business banking centres and regional managers means we have developed the expertise to understand the varying challenges businesses face at different stages in their lifecycle. With more than £2 billion in funding in 2017, and £6 billion over the next three years CYBG is proud to finance the innovation and creativity of small and medium enterprises across the UK.”
*Research conducted by Atomik Research with 750 SMEs across the UK in March 2017
All our loans are subject to status and eligibility. Security may be required.