BBA statement on first annual report of the Appeals Process
“The banking industry welcomes this candid report on SME business finance applications. The report demonstrates the strength of the appeals process and clearly shows that it has already generated a better dialogue between banks and customers. The vast majority of SMEs seeking finance are getting it – the report shows that 86 per cent of lending applications are approved – and the appeals process is both genuine and effective at helping businesses get finance when their initial request is not approved.
“Russel Griggs as the independent reviewer has made some important observations on how the industry can improve its approach, and we will be working in the coming months to apply what has been learned. This includes raising awareness of the appeals process, reviewing how credit ratings affect start-ups and businesses switching banks, and establishing a national system for referring unsuccessful loan applicants to Community Development Finance Institutions. We are firmly committed to the many initiatives we have already underway to help the UK’s SMEs grow and thrive.”
Notes to editors
1. The Annual Report can be found here: http://www.betterbusinessfinance.co.uk/images/uploads/Annual_Report_Master_2012.pdf
2. More information about the Appeals Process is here: http://www.betterbusinessfinance.co.uk/help-support/factsheets/appeals-process