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News - 7 May 2014

SMEs find it difficult to access Lending.

 According to recent figures, £787 million of business loan applications were rejected during the third quarter of 2013 as SMEs continue to find it challenging to access traditional bank lending.

 
Both overdrafts and bank loans have been harder to secure since the credit crunch begun, with banks operating under stricter lending criteria and businesses often feeling as though they’re being left with nowhere to turn.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“According to the research, 65% of businesses believe that banks should be forced to provide details of those they have rejected for funding to alternative lenders, in the hope that new routes to finance can be secured.”
 
This can be seen as evidence that more businesses are prepared to look beyond the comfort of an overdraft or bank loan in favour of something they might be less familiar with, but facilities that offer just as much and maybe more.
 
TK again:
“The finance sector has evolved in recent years, with many facilities that offer support to businesses, alternative lending should in fact be regarded as the primary port of call not just the more traditional “High Street”.”
 
If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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