According to the Bank of England aggregate net lending to non-financial corporations improved in the second quarter of 2014.
However net funding using the Funding For Lending Scheme (FLS) to SMEs, which is available until January 2015, was down £0.4bn compared to the previous quarter. Lending to large companies was down £3.5bn, meaning total net lending via FLS was down £3.9bn.
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Of the 36 groups participating in FLS, nine withdrew a combined £3.2bn, while a total £0.8bn was repaid from the first stage of the FLS. As a result total outstanding drawings were £45.7bn.
The Bank said the fall was down to improving corporate credit conditions, with credit both easily available and relatively cheap.
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