AFTERMARKET BUSINESSES UNDERESTIMATE ACCESS TO FINANCE

by

BBA_300pxAftermarket businesses are more likely to get accepted for finance than they think and could provide a significant boost to the economy if they applied, a new report out today suggests.

The British Bankers Association (BBA) survey of 15,000 small to medium-sized enterprises found that just 37 percent thought they would be successful if they applied for finance.

In reality, data shows that 67 percent of applications are successful, so the BBA has launched a new 12-month campaign to highlight the success rates and provides businesses with more advice on the types of finance available at www.betterbusinessfinance.co.uk.

BBA Chief Executive Anthony Browne said, “We’ve launched this campaign to let businesses know that they are a lot more likely to get finance than they think.

“This matter because more successful loan applications mean more orders for equipment, more new jobs and more plans to expand.

“Small businesses are the engine room of the economy and the research we publish today shows how much stronger our recovery could be if more SMEs approached their banks for finance.

If the businesses that had decided not to go for finance changed their minds, 3,000 UK companies would expand, 2,700 orders for equipment would be made and 6,5000 enterprises would have their spending power increased.

This sentiment is echoed by Professor Russel Briggs OBE, Independent Reviewer of the Appeals Process, who believes this announcement is positive for SMEs, along with the added focus on how to appeal against rejections or unsatisfactory terms from the bank.

He added, “Initiatives like this show that banks are working hard to make sure businesses know their right of appeal if their application is rejected.

“Entrepreneurs and SMEs should approach their bank knowing that they have the right to appeal any decision the bank takes.”

The BBA’s campaign will target businesses with a turnover of £25 million or less, using online advertising and social media. As well as providing wide-ranging advice on the various types of funding available for business by region, turnover and size of finance required, the betterbusinessfinance.co.uk

NEW HOME FOR ABSOLUTE ALIGNMENT

Firm moves to new, larger Aldershot HQ

Read More

AXALTA COMPLETES U-POL ACQUISITION

Deal for body consumables company valued at $590m

Read More

CAZOO ACQUIRES SMH, DOUBLING REFURB CAPACITY

£70m deal vastly expands the retail start-ups preparation and logistics capability

Read More

AUTOMECHANIKA DIGITAL PLUS HAPPENING NOW

Automechanika Frankfurt is underway in a limited physical form at the Messe Frankfurt showground as well as online through a ‘Digital Plus’ form, a combination known as a ‘hybrid’ event. READ: AUTOMECHANIKA B’HAM TO HOLD 2022 […]

Read More

SUPPLIER NEWS: APEC BLACK IN AT PARTS IN MOTION

Bristol-based supplier’s premium brand now in at online retailer

Read More

Go to comments

Your email address will not be published. Required fields are marked *