The first SME Business Finance Tool has recently been published, commissioned by the Business Finance Taskforce. This is a group that brings together leading banks and business groups. At a first glance it paints a pretty rosy picture of the relationship between banks and their small business customers – perhaps not surprising given the members of the commissioning body. Within the 123 pages packed full of statistics (a fun read…), we were struck by two in particular:
- Over a quarter of applicants for business loans were refused in 2011 compared to just one in 25 in 2007.
- Only just over half (53%) of SMEs were satisfied with the outcome of their application for a business loan.
That’s a lot of SMEs unable to get a business loan and even more that are not happy with the outcome of the process. Have you recently approached a bank for a business loan? Let us hear your experience in the comments below.