Originally written by Timothy Adler on Small Business
Small businesses say HSBC is pushing them to the brink of collapse because of the time it is taking to approve bounce-back loans.
Another small business owner says her mental health has been affected by the “sham” of her experience of applying for an HSBC bounce-back loan.
HSBC’s own bounce-back loan guidelines say it aims to respond to applications within a couple of days.
Yet HSBC business customers say they have been left hanging for weeks for approved applications to be processed and money to appear in their accounts.
>See also: Half of small businesses will never repay Bounce Back Loans, warn banks
Some HSBC customers say the bank’s unresponsiveness is pushing them into going out of business.
“They have left me to go under,” said Darren Smith of Chorley-based DMS Minibus Hire, who applied for a bounce-back loan on May 16, having been an HSBC customer for over 30 years, and is still waiting for his money, despite HSBC assuring him the money would hit his account within two days.
“So many businesses are going bust due to this farce,” said childminder Louise Blazys, who is also waiting for any communication for HSBC, despite applying three weeks ago.
Alan Larking,

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