Best SME banks to be revealed in new survey


A new survey is hoping to make it easier for small to medium-sized enterprises (SMEs) to access finance.

The Federation of Small Businesses (FSB) and British Chambers of Commerce (BCC) will work together as part of an initiative, which will allow SMEs to see which banks will able to help them when it comes to borrowing money.

Businesses from all over the country will be questioned by the two organisations to rank financial institutions and other lenders.

They will then use the information to compile a comprehensive list of the different products available and what level of customer service can be expected.

It is the first time such an initiative has been undertaken and it is hoped that the move will encourage banks to be more competitive when it comes to commercial lending.

Chancellor George Osborne said: “I want Britain’s banks to do more to put Britain’s small businesses at the top of their priority list and this new survey will provide the means by which we can see who’s up for the challenge and who isn’t.”

Banks themselves will also be engaged by the FSB and BCC, along with alternative finance providers in order to create a balanced picture of the business loan landscape.

The BCC has said it is keen to “shine a light both on good practice and on those services where banks must try harder” when it comes to supporting SMEs in their applications for financial support.

Similarly, the FSB has revealed it is “delighted” to be leading the study, which it hopes will give a “clear view on the best services on offer”.

More details on what exactly the research will entail will be revealed over the next few weeks.

What are your views on access finance for your business? Would you be interested in reading the results of the survey?

Posted by the Secret Businessman