Aldermore loan book up 75pc

City A.M. Reporter
Finacial services company Aldermore said its loan book to small and medium-sized enterprises (SMEs) was up 75 per cent to £469m at the end of the first quarter.

"Aldermore is continuing to lend at record levels to small businesses - our outstanding loan book to SMEs has increased 75 per cent over the last year - but clearly not all banks are willing or able to increase small business lending," chief executive Phillip Monks said in a statement.

Last week, the Bank of England said leading lenders - principally Barclays, HSBC, Lloyds and Royal Bank of Scotland - had missed targets for lending to small businesses.

The top banks had struck a deal with the government earlier this year in which they pledged to moderate remuneration packages and lend more to small businesses to help boost Britain's flagging economy.

Aldermore, set up in 2009, is backed by private equity companies AnaCap and Morgan Stanley Alternative Investment Partners.