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Recently published research has found that a scheme is helping many small businesses to successfully appeal against rejected loan applications. With many painters and decorators still finding it difficult to secure bank funding in the current economic climate, the findings could spell for good news for the trade.
In 2010, the heads of Britain's six big banks set up the Business Finance Taskforce, which was charged with making sure that banks were helping out businesses as much as they could. One of the actions taken by the Taskforce was to set up a new appeals process for small companies who have been turned down by banks when applying for credit.
Now the British Bankers Association has carried out a review of the process, and has found that almost 36 per cent of the 2,177 firms that have taken their case to the Taskforce have been successful in having the original decision overturned.
With such a high success rate, trade professionals who have had their loan applications turned down recently should consider their options to launch an appeal.
For more information, visit: http://bit.ly/LJWwtc
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