Small business loan refusal rate rises again
The propensity of banks to refuse small business loans has increased for the second consecutive period, a new survey by business group ISME found.
Some 48pc of companies who applied for funding in the three months to the end of November were refused credit, compared to 45pc in the previous three- month period, ISME said.
"We are back to a situation where almost half of small and medium enterprise credit applications are being rejected," said chief executive Mark Fielding. "This prevents small businesses from capitalising on the economic recovery and the development of their businesses."