FIRST Trust Bank says there is a "growing appetite for business expansion" in the north after confirming yesterday that it approved more than £600 million in the last 12 months.
It has seen loan drawdowns up 120 per cent year on year, while its loan approval rate has been maintained at 95 per cent in the current calendar year.
"Our customers’ confidence and ambition have increased this year," First Trust's director of business and corporate banking Richard Ennis said.
“We noticed the upward trend in lending starting with our corporate clients, but it is now evident across our client base with many now in a position to expand, we are responding to that need with significant funding to assist them."
He added: "These latest lending figures and future pipeline show a strong desire among businesses both large and small to invest for the future and that is very encouraging as we seek to rebalance the wider economy.”
Mr Ennis said the demand seen over in recent months was noticeably more capital driven, with customers seeking future growth loans as opposed to working capital for current cash needs.
"That's something which is in stark contrast to just a few years ago, and is particularly apparent across a number of key sectors and industries including manufacturing, agri-food, hospitality and healthcare,” he said.
First Trust Bank says it has launched of a number of funding programmes including a specific support package for the agri-food sector, and has added to its business team to serve the larger SME and corporate space.
