Reasons to be cheerful

IN: Business news

Aldermore Bank has consistently stressed the importance of SMEs to the UK economy. There are an estimated 4.8 million small business in the United Kingdom with a turnover of £1,500 billion. Nearly 25 per cent of organisations in the construction sector are SMEs.

"Recovery needs to be driven by SMEs," said Vince Cable, Secretary for the Department of Business, Innovation and Skills, in May.

"It's the SMEs that will turn this around. They need to be supported by banks."

Last week, the Aldermore blog discussed the importance of confidence; confidence encourages growth, creates new jobs and offers the potential for new opportunities in small businesses across the country. Aldermore use social media in an effort to highlight the success stories of SMEs across the country; businesses that have utilised invoice or asset finance to buy new equipment, organisations that have invested the interest accrued by savings to hire new staff.

This week, there have been a number of positive signs that the UK economy is growing. For the first time since the third quarter of 2010, the services, industrial and construction sector all show growth and an overall economic increase of 0.6 per cent is the strongest performance since the third-quarter of 2011 (aside from the Olympics-related boost in 2012). In the housing market, prices are up 1.9 per cent year-on-year, while mortgage approvals are at the highest level for three and a half years.

Today, Aldermore have revealed its half-year results, announcing that over £820 million has been lent to SMEs and homeowners since the start of the year. We are a bank that champions British businesses, savers and homeowners.

There is still more work to do and more can be done to give SMEs the support they need to thrive and grow.

But, there are reasons to be cheerful.

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