Almost a half of all small business now bank online, according to the British Bankers’ Association (BBA).

New figures from the BBA show that 42.5% of small businesses now use online banking, a boost in the use of the technology. Additionally, the BBA said that nearly 547,000 small businesses established new banking relationships over the last year.

BBA chief executive Ian Mullen, said: “With more than half a million new banking relationships being established in the last twelve months and a significant proportion of all businesses now banking online, the banks’ effective support for the small business sector is clear.”

Meanwhile, the BBA said small businesses’ banking deposits were up 8% this year, reaching £41.1bn, and that overdraft lending also rose some 8%, now standing at £9.2bn, with term lending also totalling some £34bn, up by 10% compared to last year.