Only 13% of businesses receive their agreed loan from the bank
Industry News | 07/03/19
British companies are facing a funding crisis because banks are not supporting the future of UK PLC. Businesses desperate for finance to support their growth are only receiving on average 70 per cent of the agreed loan – which means over a third (37 per cent) are unable to launch a new product or service as a result.
Research commissioned by ArchOver, which reviews the funding landscape for UK businesses in the last year, has found that one in five companies are being rejected for a loan by banks, and of those 17 per cent were put off or unable to apply for any further loan, crushing the entrepreneurial spirit of UK SMBs.The research also identified the catalysts for companies requiring additional financing and what type of loan they secured.
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