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Strict policy and turnarounds are top finance barriers, say SMEs subscribe A A Strict lender requirements and the time taken to obtain a funding decision are the top two challenges experienced by SMEs when looking to secure funding, according to new research. According to the Banjo SME Compass Report, 59 per cent of SMEs have experienced challenges when looking to secure funding for their business. The report, which is based on a survey of 513 SMEs conducted by Honeycomb Strategies in March 2021, found that the top challenge cited by small businesses was onerous lender policy (22 per cent), ...

Business loan approval times ‘blown to bits’ May 19, 2021 – 11.56am Save Share Business owners are being forced to wait weeks for loan applications to be turned around as bottlenecks in the approvals process threaten to limit the supply of credit crucial to the recovery. Brokers, borrowers and small lenders say delays in loan approvals at the big banks are not restricted to the mortgage market and are only now beginning to show signs of improvement after blowing out during the virus crisis. Approvals for upwards of $1 million of asset finance has risen from a week to three week...