Now, it seems, the big banks are going to be phoning a friend on behalf of small businesses. Changes under The Small Business, Enterprise & Employment Act 2015 are scheduled to come into effect in November. As part of this, nine leading high street banks will redirect all small business loans they reject to independent finance organisations.
what difference does using DirectID make? The main impact is that during the online small business loan process you are able to connect to your bank account and share your bank statement information. This saves so much time!
They found that the dissatisfaction is felt most deeply by those businesses turning over less than £1m. Over 30% of such businesses claim to feel unsupported by banks in terms of how they are treated regarding business funding.
In this article we look at 5 effects of the base rate cut on funding for small businesses.
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