This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

Just eight per cent of business loan applications successful with one high street bank
11 October 2018

On average, less than one in 10 SME loan applications to one nameless high street bank are successful.

The figures were released by SME funding platform, Code Investing, whose CEO, Ayan Mitra, said: “Due to regulation, due to banks having huge cost structures, due to SMEs not having standardised data, there’s quite a big funding gap.”

He added that he expected this low level of lending would lead to a boom in alternative finance, which currently accounts for just two per cent of SME lending in the UK. Alternative finance relates to funding channels other than the traditional banking institutions.

The success rate for SME alternative finance applicants is understood to be nearer 40 per cent.

Link: High street bank converts just 8% of SME loan applications

Other recent news

What are the implications of MTD for ITSA for SMEs?
22 March 2024

The introduction of Making Tax Digital for Income Tax Self-Assessment…
Read more

The Employment (Allocation of Tips) Act 2023 – Understanding the impact on pay in the hospitality sector
22 March 2024

In a significant development for the hospitality industry, the Employment…
Read more

Economic Crime and Corporate Transparency Act 2023 – Companies House changes now in effect
22 March 2024

The initial provisions of the Economic Crime and Corporate Transparency…
Read more

Run your business from home? Get to know your VAT entitlement
22 March 2024

If you are a business owner and work or run…
Read more

Holiday accrual to come in for zero-hours workers
22 March 2024

Following changes to the Working Time Regulations 1998 in January…
Read more

»

Case Studies