News: Majority of small businesses turned away from banks

Start a business for £2000The majority of small businesses in the UK have been refused funding by their banks, according to a new study by Touch Financial.

The research found that 59% of small businesses had applied for bank funding in the past six months, with 55% being turned away.

A third (31%) of those were given no explanation as to why their application was rejected. Of those that were unsuccessful, 80% said they were given no information on alternative sources of small business funding.

Only 2% of respondents said they felt the government is doing enough to support small businesses.

Simon Carter, Director of Touch Financial, said: “Small businesses simply aren’t getting the information and the support that they need if they are to be the primary engine for growth as the Government has suggested. SMEs are in danger of being left up the proverbial creek and being told there are no more paddles.”

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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