The UK government is set to meet with major bank executives to discuss improving credit access for small businesses as underinvestment threatens economic recovery. Senior representatives from banks like HSBC, NatWest, and Lloyds will address concerns regarding high rejection rates for SME loan applications, which have dropped from 67% approval in 2018 to just under 50% now. This situation has forced many SMEs to rely on riskier private lenders. The meeting precedes a government review that may impose new regulations on banks to support SME funding.
"The last few years have been incredibly difficult for business. That's why this pro-business government is determined to improve the total business environment, including for small businesses."
"Government data shows that just under 50% of SME loan applications are approved - down from 67% in 2018. The drop raises questions as to whether these rejection rates are too high and why this may be the case."
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