Posted on 23.01.2014, by Rob Warlow
Face with growing outcries about the continual fall in bank lending, the main High Street banks have launched a new campaign to get businesses borrowing.
The banks, together with the British Bankers Association, are keen to let businesses know they are a lot more likely to get bank finance than they think. The banks, which include Barclays, HSBC, Lloyds, Nat West, RBS and Santander, quote a recent SME Finance Monitor report which says that while only 37% of SMEs planning to apply for finance believe they will get approval from their bank, actual approval rates are a lot higher at almost 67%.
The research from the BDRC survey identified as many as 270,000 businesses that wanted to apply for finance but never actually ended up doing so. It attributes a lack of confidence in their chances of success as one of the key reasons for this.
The message of the campaign is that increasing confidence amongst businesses around lending has the potential to boost the UK economy, as if all of those businesses went ahead and applied for finance this could enable:
The 12-month campaign will be aimed at businesses with a turnover of less than £25million, and working alongside the government, politicians, banks and business groups it will spread the message that SMEs are a lot more likely to get finance than they think.
The campaign, featuring online advertising and social media outreach, will provide top tips for finance success, promote schemes such as business mentoring and showcase examples of businesses that have gone on to grow and prosper after securing a loan.
I wanted to thank you for such an insightful, energetic, and entertaining talk at the Kevin Green Wealth event on securing funding and creating a successful plan. It was brilliantly executed and a pleasure to listen to and the ideas I’ve learned are definitely going to help me in going forward.
Hi Rob, it was so interesting and entertaining listening to you at the Kevin Green Wealth Coach Workshop in Reading this weekend! I didnt realise you can find Finance proposals such fun!. Brilliant tips! Thanks.
Rob kindly agreed to attend the recent Pontypridd RFC sponsors networking evening and delivered what can only be described as an excellent talk on 5 Tactics to Boost Your Business and Your Profits. He kept the audience engaged throughout and the feedback from everyone was excellent. Rob is very knowledgeable on business and finance and on top of that is a genuine nice guy. We hope to have him back at a future event and I have no hesitation in recommending Rob’s services.
Further to your recent presentation at LEAD Wales just wanted to say it was very refreshing to see somebody talk passionately and positively about finance, very insightful!
Rob delivered a series of 3 workshops aimed at understanding how finance houses look at finance propositions with the aim for us as a team to deliver more of a bespoke offering to our customer base. The training was delivered to a mixture of staff who work with new businesses start-ups and existing established businesses across Mid & South West Wales. Rob delivered the training with an abundance of passion and has really helped my team look at financial propositions in a different light, many thanks again Rob and I look forward to work with you in the near future.