The SME Finance Monitor is a survey that looks at how available funding is for small and medium-sized enterprises.
It recently came to the conclusion that at the end of last year, the vast majority of businesses that apply for finance with banks were approved.
The survey showed that around 80 percent of applications for overdrafts were approved . . . → Read More: Majority of SMEs who apply for funding from banks are approved
Recent information that has been released by the Bank of England has said that small businesses are still finding it hard to get loans from banks. This is having a negative effect on the economy as it is preventing the growth of business and therefore having an effect on employment figures.
There have been several suggestions made . . . → Read More: Banks must be pushed to lend to SMEs
There is more trouble ahead for the high street banks, as new figures published show that they are falling short in their lending targets to small businesses by billions of pounds. The loan targets had been agreed under ‘Project Merlin’ a controversial pact with the government that was signed back in February after lengthy discussions between . . . → Read More: Banks still not lending enough to SMEs, but of course, it’s not their fault
As part of the Project Merlin initiative, UK’s biggest banks are increasing the lending to SME’s by 15%. Barclays are one of the UK banks to pledge support to Project Merlin.
The big four RBS, Lloyds, HSBC and Barclays are to make available £190bn in new credit to businesses in 2011 of which £76bn is for SME’s . . . → Read More: Project Merlin sees banks lend to SME’s