On Internet Business

What to do when your bank says no

Posted by Michael under Business Growth

Every entrepreneur knows that the past year has been incredibly challenging for small businesses, and even large businesses have struggled over one key issue – financing.

Recent research from the Institute of Directors suggests that the financial climate has been tougher than banks would like to suggest, with 57% of those who responded saying that they had been refused finance, and only 14% of those who were declined finance being offered the Government’s Enterprise Finance Guarantee.

So what should SMEs do? The first step is to utilise the bank’s system to challenge the original decision and invite a second look from the bank’s own dedicated business lending team or department. Every bank has a slightly different system for this, but the best way to start is by contacting their business finance helpline to find out how your business can instigate a challenge to a no verdict on your request for finance. Also, talk to the FSA who regulate UK banking, and see if they can advise you on how to proceed.

Dedicated small business hotlines:
o Bank of Scotland SME Helpline – 0800 141 2658
o Barclays Credit Support – 0845 300 0748
o HSBC SME Helpline – 0800 328 4912
o Lloyds TSB SME Helpline – 0845 072 5555
o Natwest Business Hotline – 0800 158 5977
o RBS Business Hotline – 0800 092 3087
o Santander – Angela Wakelin: Director of Corporate Banking – 07919 308246

Pound image courtesy of Alan Cleaver

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