There is a quiet revolution happening in our country that is driving forward the UK‘s global presence in film, TV, games, animation and digital production. Artists, entrepreneurs and technologists are working together to make our creative sector a major force in the world.
The Appeals Process, which gives small businesses the right to challenge a bank’s decision on finance, has now put at least £50 million back into SME lending.
The Appeals Process, which gives small businesses the right to challenge a bank’s decision on finance, has now put at least £50 million back into SME lending. That’s one of the findings of my latest quarterly report, launched on Monday to provide an overview of the initiative from my perspective as its Independent External Reviewer.
Applying for business finance can feel daunting for SME owners. With businesses to run and limited resources, many could be worried that applying for finance will eat up time they simply don’t have.
If your application for bank finance has been turned down, you can appeal the decision. The process is much easier than you might think and, even if your appeal is unsuccessful, it will have no impact on any future applications for finance you make.
Credit scoring is part of the process used by banks and other lenders to help assess whether they will lend to you. My latest report on the SME finance Appeals Process shows that a poor credit history is the most common reason for a business owner to be turned down for bank finance – in fact, over half of applications that were rejected over the past 15 months failed for this reason.
Professor Russel Griggs has this week released his quarterly report on the Appeals Process, which allows businesses with a turnover of up to £25 million to challenge their bank if they are rejected for finance or unhappy with the conditions they are offered.
A business plan describes where your business is now, your aims for the future, and how you expect to achieve them. In addition to obtaining finance, a good business plan can also help you to remain clear about your strengths, weaknesses, targets and performance.
Formally launched on 1 August 2012 the Bank of England’s Funding for Lending Scheme is designed to boost their lending by reducing bank funding costs. This allows banks to reduce the price of new loans and increase their net lending.
The latest SME Finance Monitor results were released last week, and it’s great to see so many SMEs reporting that business is brighter.
If you are starting a business and looking for finance, make sure you’re prepared to answer the bank's questions and can back up your answers with research as much as possible.
Professor Russel Griggs, Independent External Reviewer of the Appeals Process. In my role as Independent External Reviewer of the Appeals Process, I am often asked whether I think the appeals scheme is really improving how small businesses access the right finance.
Britain’s largest banks have joined forces to support a network of business mentors across Britain. Mentorsme.co.uk is the UK's first specialist online portal for businesses looking for mentoring services.
When you apply for a loan, your bank will ask you for a variety of details. Most banks usually provide a detailed guide to help you through your application, but this checklist provides a good starting point for your preparations.
If you have been turned down for a bank loan, you can appeal that decision through the independent Appeals Process. Professor Russel Griggs is the Independent External Reviewer tasked with overseeing ways in which the process can be improved and ensure greater transparency between the bank and you, the business.
When you apply for credit or finance, the bank will want to build a picture of your past and current circumstances to help them make their decision. Credit Scoring plays a big part in the process.
The UK’s five largest high street banks offer their insight to help you ensure your application for credit stands the greatest chance for success.
The BBA members which have SME activities and business support units are broadly in support of these IFT principles, although it should be recognised that banks have different operating models and some do not, per se, have such business support units. For those BBA members that do have such units these principles are supported.
I have had a lending application declined, can I appeal?
An external Independent Reviewer, Professor Russel Griggs monitors and scrutinises the appeals process.