This significant statistic epitomises the value Aldermore places on supporting Britain's small business sector.
"Often SMEs find themselves refused credit, not because of the quality of their business but because the bank to whom they have applied has made a strategic decision to shrink its lending book," asserts Aldermore's Chief Executive, Phillip Monks. "We are well capitalised - the big banks are trying to replenish their capital resources while we already have fuel in our tanks."
Common sentiment within the banking sector has often aimed to attribute this industry-wide low rate of lending to smaller businesses to a supposed lack of demand. However, the latest Bank of England figures refute this claim, demonstrating a growing demand for lending capital that Aldermore can certainly attest to.
"We don't spend much on advertising", Monks testifies, "But we are finding that SMEs are coming to us because they know we will take a balanced view of their business."
The reasons behind SMEs requesting financial support are myriad; from a desire to invest in long term physical assets to the pressures of late payment from clients, but Aldermore's research has uncovered a pervading theme of disappointment in mainstream banking services. Small business co-owner Mark Wardle, of Insulated Tools Ltd, echoed the experiences of many in the SME industry, commenting:
"Not one of the high street banks wanted to know about us, even though it was a good quality company with cash in the bank, freehold property and a clear business plan."
Having finally approached Aldermore, Wardle is keen to bear witness to the beneficial impact additional loan funding has had for his business, stating;
"This is a British success story. Aldermore put together a package of lending solutions for us, and when we deal with them we feel that they really understand how a business operates."
For Phillip Monks, however, there is still a great deal of work to be done to continue to shake up the banking sector in order to re-stimulate the British economy.
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