Lending to small businesses under the Bank of England's Funding for Lending scheme (FLS) grew by £600 million on a net basis in the first quarter, against an £800 million drop in net lending in the previous three months.
The Bank said credit conditions had improved for small businesses over the past few years, in part thanks to the launch of the FLS. The scheme was introduced in 2012 to provide cheap money to banks on condition that they lend to British businesses and households. It was changed last year to focus solely on small business lending.
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