Top of Business Owners’ Christmas Lists? A Better Relationship with The Bank
The UK’s small business community would like their banks to show a greater willingness to lend and more transparent fees
34% of the UK’s small business owners have said they feel disconnected from their bank in new research from Hitachi Capital’s British Business Barometer.
The survey of 1,006 small business owners found that 32% of those running a small firm believe banks should show a greater willingness to lend growth capital, while 28% wished for more transparent fees and charges.
Others argued that banks should offer tailored flexible finance terms (26%) and more competitive lending rates (26%), while 30% of small business owners in the East of England said they would like their banks to have more specialist sector knowledge.
Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, commented:
“Despite the concerns that small businesses have felt towards banks and lenders, they do want a relationship and a financial partner that will commit to the journey with them. This is a positive mandate for positive, mutual relationship building.
“What is important for small business owners to be aware of is that there are more funding choices and options available to them than just their local high street lender.”