During the first six months of its financial year, FNB Business banked SME limits reached more than R30 billion, it said.

The loans were extended to companies with an annual turnover below R60 million, with a large portion going to small scale and commercial farmers, SMEs seeking specialised lending including debtor and leverage finance, as well as franchises.

Loans included secured and unsecured ones, commercial property finance, asset finance and broader credit facilities.

"The significant growth in SME lending activities is indicative of FNB Business’ continued market share growth as it switches more business clients from competitors," the bank said.

"Despite the tough economic environment, the bank has been able to sustain its market leadership position, while growing the commercial customer base by an additional five percent."

It said finding credit worthy SMEs continued to be a challenge not just for FNB Business but the entire industry, and that this was an area the bank would continue to prioritise to eliminate the existing multitude of barriers to extending credit.

"As a bank built by entrepreneurs, FNB Business understands the challenges facing SMEs," the bank said.

"The critical challenge is how do we improve our internal processes to factor in external challenges that impact SMEs financially, like load shedding, when assessing credit applications."

ANA