Taskforce launched to aid business bank accounts

A taskforce specifically designed to aid business bank accounts to secure much needed funding has been launched according to one financial expert.

Created as a way to give recourse to firms who find their business loan applications denied, the Business Finance Taskforce will permit these firms to have their initial application reviewed by a different loan specialist from the institution that initially turned them down.

Many UK banks and building societies joined forces in order to give businesses some semblance of an appeals process in the event that their denial of venture capital funding.  Firms that appeal their initial denial can expect a response back from the reviewing loan specialist within 30 days.

Experts suggest that business loans could be made more accessible to a larger array of groups and organisations.  The British Bankers’ Association spearheaded the efforts to establish the new appeals scheme, and BBA chief executive Angela Knight commented that the new facility could easily result in new bonds being forged between firms and their lender organisations.

Ms Knight recently stated in an interview on the BBC Money Show that the Taskforce very clearly sets out the level of commitment the finance industry is willing to make to businesses in the UK.  Moreover it also clearly states how lenders are making good faith efforts to include more transparency with how they plan to deal with smaller-sized businesses, applications for business loans, and how to build ties with their business banking customers.

In related news, a new report recently released by Scottish Provident revealed that more than half of all small companies polled feel that their continued existence may prov to be challenging by the end of 2012.

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