Member Article

Businesses face uphill battle when looking to expand

Mark Sismey-Durrant, Chief Executive Officer at Hampshire Trust Bank, comments on today’s Bank of England Credit Conditions Survey:“While it’s positive to hear that for small businesses the proportion of loan applications approved has increased, with the availability of corporate credit stagnating, many businesses are facing an uphill battle when looking to expand. Yesterday the IMF downgraded Britain’s growth forecasts and we cannot afford to let this impact business confidence. We urge companies to continue to invest and grow their businesses for the future. It’s clear there is an ongoing nervousness from the big banks towards lending to businesses and therefore I would encourage companies to consider alternative finance options. Challenger banks operate on a case-by-case basis, assessing the individual needs of a business and often can provide the helping hand business really need through being more flexible. Britain’s firms are long overdue a leg-up if they’re to really start thriving again – and it’s about time we gave them one.”

This was posted in Bdaily's Members' News section by Hampshire Trust Bank .