Businesses across Britain had 27,300 overdraft and loan applications worth as much as GBP1.264bn rejected in Q1 2012, according to research carried out by Cambridge & Counties bank.
The analysis also revealed that 300 applications are turned down every day, equating to 13 an hour. The average credit facility turned down was GBP46,300.
Gary Wilkinson, Chief Executive, Cambridge & Counties Bank, says: “The UK relies heavily on the SME sector which is essential in leading our economic recovery. To grow and be successful, a large number of organisations are looking to raise capital, but it has become harder to raise funds from the big banks.
“We focus on a local and personalised relationship approach consisting of business development managers focusing primarily on Leicestershire, Cambridgeshire and Northamptonshire, coupled with a national broker coverage model.”
Cambridge & Counties Bank provides SMEs with loans secured against commercial property as well as a highly competitive deposit account. In addition, it also offers secured pension scheme lending, and has plans to launch professional firm financing, as well as other competitive savings accounts into both the retail and non-retail sectors.
Cambridge & Counties Bank is jointly owned by Cambridgeshire Local Government Pension Fund and Trinity Hall, a College of the University of Cambridge.
