NEW RESEARCH FINDS THAT CHALLENGER AND SPECIALIST BANKS LENT £ 35.5BN IN 2022
The British Business Bank ’ s Small Business Finance Markets 2022 / 23 report shows £ 35.5 billion of bank lending came from challenger and specialist banks in 2022 . This exceeded lending by the major banks during the period , giving challenger and specialist banks a 55 % share of the market
Gross bank lending increased by 12.8 % in 2022 , however , net lending fell by £ 8.5 billion in large part reflecting repayment of COVID-19 loans .
The report reveals the smaller business asset finance market also reached a record level in 2022 , with an increase in new business of 11 % to £ 22.1 billion . This was driven in part by some easing of supply chain shortages and by rising asset prices .