Commenting on the independent SME Finance Monitor, undertaken by BDRC Continental, David Frost, Director General of the British Chambers of Commerce (BCC), said:

“These figures highlight the complex relationship between businesses and banks. There is muted demand, as firms are reluctant to seek finance in a difficult economic climate. For younger and smaller businesses, accessing finance can be particularly difficult. Some smaller companies lack trust in their lenders, and this has to be addressed as a matter of priority. A business owner who approaches a bank for finance, needs to feel confident that a fair decision will be reached.

“The banking industry has committed to improving its approach to small business customers, and this has to be delivered to support the economic recovery. Government and regulators must also play a part in making it easier and quicker for businesses to switch between providers, so that poor service can be punished. Ensuring these reforms actually make a difference to businesses on the ground will not be achieved over night, but the prize is a financing environment that better supports economic growth.”


Notes to editors:

Full BDRC statistics available here: www.sme-finance-monitor.co.uk/

The British Chambers of Commerce (BCC) is the national voice of local business.

The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce, serving over 100,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

Media contacts:

Liz Larvin
Tel: 020 7654 5813 / 07825746812
Email: l.larvin@britishchambers.org.uk

Lisa Morrison
Tel: 020 7654 5812 / 07717682221