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Home» Business » Six out of ten SME owners dissatisfied with their banks

Six out of ten SME owners dissatisfied with their banks

Posted by admin - March 10, 2009 - Business

SME owners dissatisfiedAccording to a poll by the Federation of Small Businesses (FSB), over six out of ten small business owners are dissatisfied with their banks but over 70% still go to them first to apply for credit. However, the Chairman of the FSB, John Wright, says that businesses are complaining of unrealistic terms when applying for finance, and that bank managers seem reluctant to distribute funds such as the Enterprise Finance Guarantee.

Over 50% of small business owners prefer to talk to their bank in person, and over 85% believe that lending decisions should be made by their local branch rather than centrally.

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