FSB revealed that 4 in 10 businesses rejected for loan applications

IN: Business news

Research released yesterday by the Federation of Small Businesses (FSB) revealed that 42 per cent of small businesses were rejected for loan applications in Q3. The survey, which polled 2,600 SME owners, also discovered that over half of British businesses wanted to expand over the next 12 months, but were struggling to raise the money they required to fulfil these ambitions.

Speaking about the research, John Walker, FSB national chairman, commented:

"It isn't surprising that confidence fell back into negative territory as the recession entered its third quarter as growth flat-lines. The message is clear though - businesses want to grow and invest but they need a helping hand to do so.

"It is frustrating that bank finance is still difficult to get. No matter what is said about demand, more than 40% of applicants have been refused in each quarter this year. This has to change if growth aspirations are to be met."

At Aldermore, we take a pragmatic approach to business lending, offering tailored solutions for companies needing quick access to working capital. We're committed to supporting SMEs across Britain, providing a range of financial solutions to help business grow. One such service is our invoice financing service; a product available for companies needing access to working capital. More information on that particular service can be found here.


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