Professor Russell Griggs

Small Businesses Granted Over £40m in Bank Loans via Appeals

Report reveals Appeals Process helped revoke over a third of rejected small business loans Over the last three years, small businesses have received a total of £41.7m through the independent business loans appeal process, it was announced this week. The report, conducted by independent external reviewer Professor Russell Griggs OBE, showed that a total of 3,518 appeals were made this year, rising from 3,311 last year and resulting in £13.1m of lending going into the small business community in 2014. Over the three years that Griggs has been reviewing the process, there has been 9,006 small business loan appeals processed and 3,274 of these were reapproved (36.4%). The report also highlighted the main reasons why businesses were declined loans; failed credit score is the highest at 43%, fol... »