At the end of a long-winded application for a bank loan, it can be hugely disheartening to be turned down. In fact, studies have repeatedly shown that when a business owner gets a ‘no’ from their bank, the most likely outcome is they’ll give up entirely. The next-most-likely outcomes are borrowing money from friends and
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When internet banking no longer meets your small business needs
by Ben Lobel • • 0 Comments
Many small businesses rely on internet banking for their business payments – from employee wages and standing orders, through to ad-hoc supplier payments. Internet banking offers a number of advantages. It means businesses can bank more flexibly, get real-time account information and have the ability to make immediate payments. Although this makes sense for early
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British Small Business Awards: Finance Provider of the Year shortlist
by Ben Lobel • • 0 Comments
Our fourth shortlist announcement for the British Small Business Awards is the Finance Provider of the Year category. Our Finance Provider of the Year will recognise the bank or mainstream finance institution that has best addressed the needs of smaller businesses, with the judges considering factors such as access to and supply of debt, customer service
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Current Account Switch Service celebrates third anniversary
by Ben Lobel • • 0 Comments
The figure of more than three million switches includes some 73,899 small business, charity, and trust current accounts. The free service, owned and operated by Bacs Payment Schemes Limited (Bacs), and offered by 43 UK banks and building societies, is designed to give small businesses* and small charities a quick, reliable and stress-free way of switching current
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Bank charges on international payments hampering small businesses
by Ben Lobel • • 0 Comments
Traditional banks have a stranglehold of 95 per cent of the business payments market, according to a study by Covercy. One company making 20 transactions of £30,000 could overpay an average of £4,400 monthly or £52,800 a year in completely unnecessary fees, the survey finds. For a company making 20 transactions of £10,000 this equates to £2,120
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Five companies on what banks could do better for small businesses
by Ben Lobel • • 0 Comments
Banks, particularly the larger ones, are much-maligned when it comes to small business customers; often they face a range of criticism, from a perceived low appetite for debt to threats of charging customers for holding cash. Here’s what five company owners and managers would like to see from them. Zoe Hiljemark, Sixth Sense PR Make it quicker to
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Negative interest rates: Concern over charge for business deposits
by Ben Lobel • • 0 Comments
In an already uncertain time, the possibility of NatWest charging for deposits in a climate of negative interest rates will be a worrying sign for micro-businesses with small margins and limited options in terms of how they use their capital, experts have said. Howard Graham, CEO of start-up specialist Made Simple Group says, ‘Lenders are clearly
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