Loan application successes down to 65%

The Treasury has come under renewed pressure to persuade British banks to lend to small businesses after official data revealed a sharp drop in companies’ access to finance.

There was a steep fall in the number of businesses that were successful in their attempts to get loans last year, to 65% from 90% in 2007, according to the Office for National Statistics (ONS).

The data also showed the number of fast-growing businesses that felt banks were now less willing to lend was 15 times higher than those that thought the situation had improved.

Read more: http://www.guardian.co.uk/business/2011/oct/28/small-businesses-failing-loans?newsfeed=true

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