FIN.

Lending Standards Board confirms threshold increase for small businesses

The Lending Standards Board (LSB) has announced that from the Standards of Lending Practice for business customers are to apply to businesses with a turnover of up to £25 million, from the previous £6.5 million threshold.

With effect from 1 November, the standards are also being extended to cover issues relating to financial difficulty that are particular to businesses.  The extended standards will initially cover loans, overdrafts and credit and charge cards, but work is being done to extend them to asset finance.

Emma Radmore