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Uk Smes Failing To Secure Bank Loans
Despite improvement witnessed in UKs economic and liquidity conditions over the recent past
, the countrys SME sector is still finding it difficult to get access to credit from banks.Loan requests by small businesses are being turned down by most banks on account of the formers failure to produce collateral.
According to a research, which is soon to be published by Graydon and the Forum for Private (FPB), loan applications of most SMEs in the UK are rejected by banks as small companies are unable to provide sufficient security to get loans. Over 750 small entrepreneurs were surveyed for the research to gauge the reasons for inability of small businesses to get funding assistance from banks.
As per the respondents, banks have put forward the inability of SMEs to produce collateral for securing loans as an excuse for turning down loan requests in nearly 42% of the cases.
Experts believe that the failure of SMEs to provide sufficient security cover for obtaining loans may have come about due to declining property prices. In times of realty crisis, small business owners have little scope to increase their mortgage on their houses as security against business loans.
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