small business bank loans

1 in 3 Small Business Bank Loan Applications Denied

One third of small-business owners who applied for a bank loan in the three months to May this year were denied, research by software provider Sage UK has revealed, suggesting that lending conditions are still tight for businesses. The Sage UK survey of 1,500 small firms carried out in May 2010, found that 34 per of those who attempted to borrow money from their bank had their application turned down. The results echo figures produced by the Bank of England its latest Credit Conditions Survey, which showed that the amount of credit made available to small businesses in the three months to June “increased by less than expected”. However, the British Banking Association (BBA) stressed that high street banks “were open for business” and said that lending levels had rem... »