Yorkshire Bank owner CYBG lends £2bn to SMEs

CYBG plc, owner of Clydesdale and Yorkshire Bank, said it lent more than £2 billion to small and medium sized businesses (SMEs) in 2018.

This takes total SME lending by CYBG to £4.05 billion in the first two years of its three-year commitment to help fuel SME growth by lending small firms £6 billion.

CYBG lent money to about 7,000 SME businesses across the UK’s regions, with more than 90% of its SME lending focused on regions outside of London.

In Yorkshire, £380 million of funding was provided to SMEs, beating the target of £300 million by 27%. The two-year lending total is £685 million against a target of £600 million.

In the North West of England, lending in 2018 of £318 million was ahead of CYBG’s £300 million target, with a two-year total of £618 million against a target of £600 million.

Funding in England’s Midlands increased to more than £180 million, 80% above the bank’s £100 million commitment for 2018 and making a two-year total of £321 million, against a target of £200 million. 

In Scotland, a total of £382 million was lent, making a two-year total of £848 million against a target of £800 million. 

Gavin Opperman, group customer banking director at CYBG, said:  “I’m delighted we have exceeded the first two years of our commitment to lend SMEs £6 billion across the UK over three years, with a further £2 billion provided in 2018.

“As the UK’s leading SME challenger bank and a regional economic champion, I’m especially pleased we have surpassed our regional commitments in the Midlands, North of England and Scotland over 2017 and 2018.

“CYBG will continue to support the innovation, creativity and growth plans of the nation’s small and medium sized enterprises.”

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