Small firms making the move to online banking

The total amount of online lending to small businesses has doubled in the past 2 years, according to research by Lloyds Banking Group.

There has been a 35% increase in what the bank describes as “digitally active business banking customers” in the same time period.

In May 2015, 55% of small businesses reported managing their accounts online. This had increased to 69% by the same time the following year.

Small businesses now account for over 11% of all lending to the banking group, which also includes Bank of Scotland.

Jo Harris, managing director of Retail Business Banking, added:

“The increase in online lending demonstrates how the needs of our small business customers are changing. We know time is money for business owners, and often there aren’t enough hours in the day.

“By simplifying our online banking service, they can spend more time running their business and less time doing their banking.”

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