Launch of Business Banking Insight website for SMEs

28 May 2014

The Chancellor, George Osborne, is calling on banks to increase lending and competition to benefit SMEs and the wider economy, as research shows small businesses are still having a tough time. 

The Federation of Small Businesses (FSB) and British Chamber of Commerce (BCC) have released a survey showing how well different banks are treating SMEs in an attempt to let small businesses compare lending services as well as help fuel the competition. 

This survey has been released together with a new website, www.businessbankinginsight.co.uk, which offers SMEs the opportunity to search for banks rated on their service and business performance. It’s designed to help small companies compare lenders so they have as much information as possible when they are seeking for suitable finance. 

The FSB’s national chairman, John Allen, commented, “This groundbreaking site will for the first time provide insights into how small firms view the services they receive from their banks across a range of factors.”

With this new site, big banks will hopefully become more competitive and improve their lending services to help small businesses find the right funding.