Any businesses with a turnover of up to £25 million that has been declined finance by a major UK bank can appeal their decision.
West Lancashire MP Rosie Cooper is encouraging local businesses who’ve been refused monies to use the Appeals Process for their decision to be looked at again.
Under this system 40% of decisions to refuse lending were overturned on appeal.
MP Rosie said:
“I know there are numerous businesses in West Lancashire that have been unsuccessful in securing finance from the big banks in the current climate.
“For some these loans can help with short-term cash flow or investment to grow a business and create jobs. Yet businesses are being rejected often for no good reason.
“This appeals process offers a second chance and for someone new to look again at their application. I would encourage all small to medium sized enterprises in West Lancashire to consider an appeal.”
All five major banks – RBS, Lloyds, HSBC, Barclays and Santander along with the Bank of Ireland, First Trust Bank and Northern Bank – are involved in the scheme.
For more information visit the website www.betterbusinessfinance.co.uk/help-support/appeal-process