In the final quarter of last year 17% of all those who applied for overdrafts were rejected and 33% of those applying for loans got turned down. The number of smaller enterprises looking for finance has dropped, with most of them being classified as “happy non seekers”. The figure of “happy non seekers” has risen from 68% last year to 78% this year.
It appears that the general public are so convinced that the banks won’t lend money that they have given up even trying to find out. However if your business is in trouble and does require investor funding, Beer & Young can help.
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