Market Research 'Highlights Need' For Dedicated Business Bank
September 2012 - Financial Services
A recent study carried out by the Federation of Small Businesses suggests that banks are refusing more than 2 in 5 applications for credit from small businesses in Britain. The survey, which found that half of the 2600 respondents were looking to expand in the next twelve months, showed that the number of refused credit applications increased to 42.4% from 40.6% when compared to the previous quarter.
In addition, more than 60% of the companies replying to the survey felt that business finance was unaffordable – a proportion which has increased in every quarter of 2012 so far.
The FSB stated that the results highlighted the need for a dedicated business bank in order to try and boost lending to SMEs.
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