New figures released today by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £132 billion of new business in 2021, 15% higher than in 2020. Of this total, £20 billion went to SMEs and £47 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said: “The FLA’s latest data demonstrates the significant economic contribution made by FLA members to supporting business investment and household purchases across the UK.
“As the UK economy moves on from the pandemic, FLA members will play an integral role in building a more sustainable future, including helping many SMEs transition to net zero. Our proposals for a Green Finance Wholesale Guarantee would help to scale up the availability of green lending, while the sharing of risk between lenders and Government would keep prices competitive for the end customer.
“The significant contribution of non-bank lenders is also clear from our latest figures. Our proposal for an Independent Liquidity Funding (ILF) Scheme for independent business and consumer lenders would ensure that during times of stress on wholesale markets funding would continue to flow to all corners of the economy.”