Now, it seems, the big banks are going to be phoning a friend on behalf of small businesses. Changes under The Small Business, Enterprise & Employment Act 2015 are scheduled to come into effect in November. As part of this, nine leading high street banks will redirect all small business loans they reject to independent finance organisations.
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They found that the dissatisfaction is felt most deeply by those businesses turning over less than £1m. Over 30% of such businesses claim to feel unsupported by banks in terms of how they are treated regarding business funding.