'Scrutiny of figures' recommended for bank lending

Published on 25 Aug 2010 under category: legal

Businesses have been urged to focus their efforts on improving their credit reporting in order to encourage bank lending.
Chris Gorman, a spokesman for the Forum of Private Businesses, said that small firms should be more organised with their figures.
This can result in banks becoming more confident about lending to small businesses, the representative added.
Mr Gorman admitted that bank lending is tight at the moment but noted that firms can take steps to improve this.
"It is often the case that small business holders don't always fully appreciate all the checks and the balances that the banks want to see done," he explained.
"We think that there is an argument that small businesses can often be a little bit more proactive and a bit more regimented in their financial reporting."
Earlier this month, the chairman of the British Bankers' Association said that high street banks are focusing on removing barriers for firms to access finance.

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