Loan Rejections Cost SMEs £4bn Per Year?>
The British Business Bank (BBB) says businesses are not reaching their full potential because of the big bank’s continued refusal to fund small businesses.
The high street banks favour lending to larger businesses with a track record of profitability meaning that thousands of small businesses are refused loans and the BBB estimates the figure to be in excess of £4 billion per year.
One in five businesses are still put off even trying to get a loan because of the banks long-winded and complicated application process. Of those that are rejected by the banks, over 25 per cent simply give up or cancel their borrowing plans and many simply do not know where else to look for finance.
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