UK small businesses continue to struggle with access to bank funding, according to reports in Financial Times on Friday (March 30).
Small business group SME Alliance spoke to the House of Commons select committee to discuss small firms’ ongoing challenges in seeking bank loans. Traditional banks remain reluctant to lend to small firms, the group said, using their size to gain a legal advantage over SMEs that file complaints with Financial Institutions (FIs).
Reports said the SME Alliance highlighted big banks’ ability to spend money on legal teams that can delay processing of small business claims beyond the six-year statute of limitations.
