Wyelands Bank: 'Yorkshire SMEs experiencing major £723m lending drop'

New research conducted by Wyelands Bank suggests that lending to SMEs in Yorkshire has decreased by £723m since 2014.

Wyelands Bank analysed data from UK Finance, showing that, despite the proliferation of non-bank lenders and alternative financiers, lending to SMEs in Yorkshire has decreased by 10 per cent.

The total has supposedly gone from £7.3bn in total to Q1 2014, to £6.5bn in total to Q1 2019.

Henry Wheeler, regional director of Wyelands Bank, said: “Despite the increase in alternative financiers and non-bank lenders, data from UK Finance highlights the difficulties that SMEs in Yorkshire and the North East face in raising finance.

“But without greater access to finance, firms in Yorkshire will not be able to trade, grow and create jobs. Wyelands Bank was set up to address these issues and help these firms to unlock growth, filling a vital gap in the market.”

Lending to SMEs in Leeds has decreased from £1.1bn in total to Q1 2014 to £954m in total to Q1 this year. In Sheffield, lending to SMEs has dropped by around £300m - from £1.5bn in total to Q1 2014 to £1.2bn in total to the same time this year.

In Hull, lending to SMEs has decreased from £467m in total to Q1 2014 to £436m to the same period this year.

Meanwhile, in York, lending to SMEs has remained stable at £1.40bn and £1.37bn to Q1 2014 and to the same quarter this year respectively.

Wyelands Bank has recently launched a regional office in Leeds, aiming to help businesses in Yorkshire and the North East access correct finance and unlock growth.

Henry added: “Wyelands Bank’s approach is simple yet innovative, offering direct access to decision makers.

“Wyelands Bank helps businesses tap into the value in their fixed and working capital assets so they can unlock growth without giving up equity.

“We do this by getting to know the customers we work with and tailoring the solution to meet our customer’s specific need.”

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