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Lending requests from business debt help customers 'must be seriously assessed'

Date Added: 12/10/2010  

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Firms which are in need of business debt help must be assured that when they apply for a loan from a bank it is taken seriously.

Director-general of the Confederation of British Industry Richard Lambert stated that many financial institutions rely on a box-ticking formula to decide whether or not lending requests should be approved.

"Senior bankers are going to have to be much more visible at the coal face and work harder to reassure business borrowers that their requests are being seriously assessed," he said.

Mr Lambert added that while banks deny their staff approve loans in a box-ticking manner, the perception among firms such as those in need of business debt help is that not enough time goes into reviewing their application.

Philip White, chief executive of independent finance provider Syscap, recently stated that the business lending situation is alarming.

A poll by his organisation found 38 per cent of businesses believe lending to be worse than a year ago. 

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