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Posted on Tuesday, 10 May 2011 11:56AM by
Under the Business Finance Taskforce’s ‘Better Business Finance’ campaign, small businesses which are refused a business loan from one of the UK’s five main banks can now launch an appeal.

The appeal process will apply to businesses with a turnover of less than £25 million that perceive that they have been unfairly refused loan finance. Businesses will have the right to request within 30 days that the application is reviewed by someone else within the bank, and if still unsuccessful, the bank must now provide information on alternative sources of finance, or put them in touch with a mentor.