Banks Ready to lend to Small Businesses

This article appeared on the BBC News website recently…….

Banks are more willing to lend than small businesses think, says the British Bankers' Association (BBA), as it launches a year-long marketing campaign.

Only 37% of small businesses planning to apply for finance believe they will get approval from their bank, the BBA has found.

But more than two thirds have their loan applications approved, it said.

"Banks are open for business," BBA boss Anthony Browne told the BBC. Full article here.

The BBA campaign aims to raise confidence about bank lending among small businesses, Mr Browne said.

Achieving this and encouraging more borrowing could boost the growth prospects of 270,000 companies, the BBA maintains.

If businesses are turned down for a loan they can appeal against the decision, Mr Brown said, and "40% of the time the appeal works"

The campaign will be targeting businesses with a turnover of less than £25m and "working alongside the government, politicians, banks and business groups to spread the message that SMEs [small and medium enterprises] are a lot more likely to get finance than they think", the BBA said.

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