More companies now struggle to access their financing for development requirements
The stark simplicity and immediate impact of the news article headline says it all: ‘HALF OF SCOTLAND’S BANK BRANCHES CLOSED’. It’s harsh. It’s brutal. But unfortunately it is true and the reality is, according to available evidence, ‘YOU SEE A DECLINE IN LENDING TO BUSINESSES WHEN A BRANCH CLOSES.’ As you can imagine this drastic reduction in the number of Scottish bank branches is having a serious impact on businesses North of the border and in particular on small and medium enterprises (SMEs). Fortunately the situation may not be as bad as first suspected because more and more commercial finance providers such as Synergy Commercial Finance are now stepping into the breech by offering excellent financing for development deals along with other commercial funding opportunities.
Figures from the Office of National Statistics (ONS) reveal that the number of bank branch closures in Scotland has fallen from 1,500 to just 860 over the past 10-years. No less than 403 closures since 2015. The Federation of Small Businesses (FSB) chairman, Andrew McRae, said theses figures are shocking.
In fact a report by MPs on the Scottish Affairs Committee has called on the UK Government to seek a commitment from financial institutions that they will not close the last bank in town.
At Synergy we have witnessed more and more business managers, especially those from SME organisations, now looking for alternative sources when it comes to financing for development and funding to implement their own business plans.
Synergy has active brokers operating throughout Scotland (as indeed they have across the whole of the UK). These are highly qualified, immensely experienced, independent commercial finance specialists who have exclusive access to the unrivalled Synergy funding panel that now numbers in excess of 200 lending sources. This is the biggest and most competitive commercial lending facility in the UK meaning that our brokers have the facility to structure individually-tailored finance for development deals for companies that are massively more competitive than any bank with its restricted in-house products is able to offer.
Bank closures may at first sight appear to create a huge funding problem for SME businesses, but the reality is, thanks to companies such as Synergy, there is now a bigger, better, more diverse, more personal and more competitive financing for development opportunity than ever.
All it takes is just one telephone call to Synergy to unlock this opportunity and to discover that this excellent funding opportunity means business managers need not mourn the loss of their local bank branch.
If you are looking to arrange financial support to implement your own business plans, find out how we can we can tailor a funding package that will match your needs and your financial criteria to perfection. You can call us on 01904 481 786. You can also email: firstname.lastname@example.org or you can send a message using the online form on our Contact page.