Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what data his Department holds on lending approval rates for SMEs applying for finance to invest in (a) technology, (b) commercial premises and (c) workforce training since 2022.

Earlier this year, DBT launched a call for evidence on access to finance to better understand the barriers that SMEs experience when applying for loans. However, currently available results from the SME Finance Monitor provides the following data on SMEs needing funding for R&D and new premises:

• In 2024, 7% of SMEs reported a need for funding. Of those SMEs reporting a need for funding, 6% needed funding for new premises and 4% needed funding for R&D.
• In 2022, 6% of SMEs reported a need for funding. Of those SMEs reporting a need for funding, 3% needed funding for new premises and 5% needed funding for R&D.
• In 2024, 47% of all applications for new or renewed finance by SMEs were successful.
• In 2022, 62% of all applications for new or renewed finance by SMEs were successful.

Source: SME Finance Monitor 2024 and 2022