NEW ANALYSIS – £1.3 BILLION OF BUSINESS OVERDRAFT AND LOAN APPLICATIONS REJECTED…
· 27,300 APPLICATIONS ESTIMATED TO HAVE BEEN REJECTED
Analysis of industry data by Cambridge & Counties bank, which launched in June this year targeting established small to medium sized enterprises (“SMEs”), reveals that businesses across Britain had 27,300 overdraft and loan applications worth as much as £1.264 billion rejected in Q1 2012.
The analysis by Cambridge & Counties also revealed that 300 applications are turned down every day, equating to 13 an hour. Indeed the average credit facility turned down was £46,300.
Gary Wilkinson, Chief Executive, Cambridge & Counties Bank said: “The UK relies heavily on the SME sector which is essential in leading our economic recovery. To grow and be successful, a large number of organisations are looking to raise capital, but it has become harder to raise funds from the big banks.
“We focus on a local and personalised relationship approach consisting of business development managers focusing primarily on Leicestershire, Cambridgeshire and Northamptonshire, coupled with a national broker coverage model.”
Cambridge & Counties Bank provides SMEs with loans secured against commercial property as well as a highly competitive deposit account. In addition, it also offers secured pension scheme lending, and has plans to launch professional firm financing, as well as other competitive savings accounts into both the retail and non-retail sectors.
Cambridge & Counties Bank has a unique structure being jointly owned by Cambridgeshire Local Government Pension Fund and Trinity Hall, a College of the University of Cambridge. They each own 50% of the bank, which has a strong management team led by chief executive Gary Wilkinson who has held a number of senior roles in the banking and building society sectors.
The bank places a significant focus on developing a partnership type relationship with its clients through being easy to do business with and by focusing on plain English and transparency.
Cambridge & Counties Bank uses a local personalised relationship approach consisting of business development managers focusing primarily on its heartland regions of Cambridgeshire, Northamptonshire and Leicestershire, coupled with a national broker coverage model. This will allow balanced growth across geographies, market sectors and property types, avoiding inappropriate concentration risk.
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