Best place to get a LoanThe best place to get a loan
Latest research shows that 35% of small and medium-sized enterprises in the UK still find access to bank financing difficult. As a result of this reticence, 60% of small and medium-sized enterprises are worried about their capacity to fund long-term economic development. British Business Bank plc confirms this state of affairs, estimating that each year about 100,000 SME loan requests are rejected by bankers - equivalent to a possible 4 billion pounds financing shortfall.
EIB of England figures also show that loans from the UK's biggest financial institutions to UK retail companies declined by £536 million between December and January. It is not surprising that the study found that the financial resources available are the most important factors in enabling small enterprises to achieve growth and prosperity. When a request for a small enterprise loan is refused by a local banking institution, it gives rise to serious doubts about the company's prospects if it is not able to fund the necessary expenditure.
Why then do it seem that bankers are still hesitant to grant loans to small companies? Studies by auditors and management consultants Kingston Smith show that there is a certain communications divide between creditors and SMBs. Governments are active in promoting the development of small and medium-sized enterprises. Margot James, Secretary of State for Small Enterprises:
A system under The Small Business, Enterprise & Employment Act 2015 was implemented last October. It gives them a second opportunity to obtain small credits in an alternate way. Fair Trade Credits is passionately interested in helping companies grow and is part of this program.
There was also a perception of disparity between financing opportunities for companies domiciled in and outside London. Forty-one percent of small companies outside London and the Southeast believe that they do not have equitable levels of financing with London-based companies. In the past year, we expanded our Fair Business Loans business not only to London, but also to the whole of Germany.
Now we are able to provide loans to companies across the UK through our on-line applications system and a committed staff of seasoned relationships managers. Relationships are at the core of everything we do: we concentrate on getting to know you, understand your company and build a trustful partnership with each client.
In contrast to the above mentioned bankiers, we have the know-how and expertise to actually help companies, and we want to be corporate supporter rather than just financier. So, if you're looking for a small loan and have either been refused by a local banking institution or are reluctant to turn to one, why not contact us to talk about how Fair Trade Loans can help you get the financing you need to ensure the viability of your company?