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<p>The Funding for Lending Scheme was introduced in August 2012. In the three months to October, the latest data available, gross lending was £1.5 billion higher than the same period a year ago.</p><p>Surveys also show improvements in the cost of credit to SMEs. For example, the Federation of Small Businesses survey reported that the average interest to small firms in Q3 has fallen to 5.5%, down from 6.3% a year before.</p><p>The changes to the extension announced last week will refocus the scheme towards supporting SME lending.</p> |