Veda Advantage’s Business Credit Demand Index*, released in June, reveals business credit enquiries have risen moderately (1.1%) since the same time last year, with the first monthly year-on-year gains since March 2010 occurring in February and March.
However, a dip in enquiries demand of 15.1% during January saw the quarter-on-quarter performance fall by 6.2% overall, potentially reflecting the impact of the holiday period, in line with seasonal expectations.
Combined business loans and credit cards recorded a year on year increase (3.8%) since March 2010 but are also down from the previous December quarter.
Asset finance showed refreshed signs of improvement, increasing 5.8% year-on-year, after a period of relatively lower levels following the drop in asset prices during the global downturn. Trade credit however, decreased 4.9%, compared to the same time last year (March 2010). Business utilities also recorded a sharp decline, -30.9%, since December 2010, but year-on-year differences remain relatively stable, up 1.8% since March last year.
Source: Veda Advantage