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A survey conducted by the new Shawbrook Bank revealed that an overwhelming 87 percent of Small and Medium Enterprises in North Lincolnshire and Yorkshire, believe that banks don’t incorporate common sense in the decision making process for business loan applications. The new bank intends to increase lending to small businesses that are credit worthy.

Launched last week, Shawbrook Bank concentrates on the small business sector, providing loans from £50,000 to £1 million. Over the next 12 months, the bank is looking to provide £250 million to small businesses. Rather than set up using branches of the bank, it will operate through a system of brokers who will dispense products from the bank. One of the brokers in the Yorkshire region is Acorn Commercial Finance, who is based in York. As a specialist broker for the bank, they will look after the hospitality and licensed trade, nationally.

From the survey of 800 SMEs, 43 percent feel that there is excessive bureaucracy for small businesses when dealing with banks. Only six percent thought that banks provided transparency and clarity when dealing with small businesses.

The chief executive of Shawbrook Bank, Owen Woodley said:

“Having access to the right finance at the right time is vital for an expanding small business and so is having a straightforward and efficient lending process. It’s all very well for a bank to say the money for SMEs is there to lend, but if the process is bureaucratic and inflexible it means nothing but lost opportunities.”

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