Professor Russel Griggs OBE has welcomed a core element of a new business finance campaign from the major banks, which focusses on making sure businesses know about the Appeals Process that he oversees.
Professor Griggs is the Independent External Reviewer of the Appeals Process – a scheme that allows businesses with a turnover of up to £25million to challenge their bank if they are rejected for finance or are unhappy with the conditions they are offered. You can submit an appeal after any formal request for borrowing has been declined.
Commenting on the campaign under the Better Business Finance (BBF) programme Professor Griggs said, “I’m supportive of this campaign to raise awareness amongst SMEs about the support available when they’re looking for finance. Initiatives like this show that banks are working hard to make sure businesses know their right of appeal if their application is rejected.
“The Appeals Process is having a real positive impact with almost 8000 appeals, of which over 37% have been overturned which has put almost £40million of lending into SMEs that would not have been there without the Appeals Process. Entrepreneurs and SMEs should approach their bank knowing that they have the right to appeal any decision the banks take.
“I will be closely monitoring this awareness raising campaign to measure its impact and help ensure its effectiveness.”
Since launch there have been almost 8,000 appeals, 37.5 % of these have been upheld as generally a result of more information coming forward. The Appeals Process has generated almost £40million of funding to SMEs.
Further details of the Better Business Finance programme, of which the Appeals Process is part can be found at: www.betterbusinessfinance.co.uk