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Businesses in Northampton could benefit from increased lending28th September 2010

Businesses that use serviced offices in Northampton may have benefited from The Co-operative Bank's 40 per cent increase in lending since 2007.

During a period when many companies may have found it difficult to gain access to finance, the last three years have seen the money lender raise business borrowing to £8.7 billion – a rise of £1.5 billion.

Chief executive at the bank's parent company Co-operative Financial Services (CFS) Neville Richardson said that a strong financial position enabled growth at a time when many of its competitors were cutting back.

Mr Richardson commented that the company puts "considerable emphasis into forming close relationships with our corporate and business customers and this has served us well as many businesses have felt abandoned by some of the other banks".

The lender specialises in helping small to medium-sized firms that generate a turnover between £1 million and £50 million.

Recently, the Federation of Small Businesses urged new Labour leader Ed Miliband to recognise the importance of small companies to the economic recovery.  

 

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