There are increasing numbers of lending options in the market available to small businesses looking to start up, according to Lloyds TSB.

Potential customers looking for new business finance have a wealth of options open to them, making it unlikely that customers are unable to start up a new business due to lack of funding, said Stuart Wilson, senior manager of lending at Lloyds TSB.

“At the moment, away from the core high street banks, there’s an awful lot more competitors in the marketplace who cater for all types of potential customers who want to start up in business,” he said.

He explained that with the increased competition in the market, many small businesses and start-up firms can get a good grip on their finances, despite the current climate.

“In terms of availability I think there are more and more players in the market who would cater for all types of lending options,” said Mr Wilson.

“I don’t think there are necessarily customers who are not able to start up because of a lack of funding, it’s just looking around the marketplace and seeing who is looking to lend to them.”

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