Small Businesses: Loans
The question
To ask the Secretary of State for Business and Trade, what assessment his Department has made of trends in the average time for SMEs to receive a decision on bank loan applications.
Answered by Blair McDougall
The department does not currently collect information on trends in the average time for SMEs to receive a decision on bank loan applications. Last year, the Government’s call for evidence on small business access to finance found that the shift to digital banking has brought increased convenience and efficiency for businesses who often find these services simpler to navigate, meaning they can progress their applications at a faster pace. However, the time taken to receive a decision will vary depending on each institution’s internal processes and the specific details of the credit application.
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