Business lending set to soar, says ING

by Julia Corderoy05 Jul 2016
Business credit is expected to experience strong demand in the second half of 2016, according to ING Direct.

ING’s commercial national partnerships manager, John Kolyvas, said 60% of business credit is typically written in the second half of the year, and data is already proving this year is set to see stronger growth than 2015.  

“The current growth for business credit is outstripping 2015 and we’re on the cusp of the busiest time of year (July- December) for commercial property lending,” he said.

ING reported a record month for business lending in May, with commercial and business lending in the sub-$5m category up 40% on the same time last year. 

The industry at large has also experienced commercial growth. According to the latest Reserve Bank lending figures lenders’ business loan portfolios grew by 7.4% over 12 months.  

As a result, ING has had strong uptake in its commercial property training program targeted at residential brokers. More than 100 brokers across the country have participated in the training which launched in January, Kolyvas said.

“Our focus is to support brokers to upskill and diversify their business, and help them build longstanding and valuable relationships with their clients meeting their property needs beyond residential,” he said.