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Follow on Google News | Merchant Money fills void left by traditional banksBy: Merchant Money Merchant Money (http://www.merchantmoney.co.uk) CEO Jan Stefanowicz draws from customer feedback since the business was first trialled in the UK in November 2013 and the latest Bank of England report (Trends in Lending April 2014 (http://www.bankofengland.co.uk/ "The vast majority of money lent in the first quarter of this year went to the large, top 4% of companies in the UK and there was a clear reluctance to lend to small companies. Merchant Money has been established and is expanding to help fill this void. We offer unsecured business loans up to £50,000 directed at the other four million UK businesses that have 10 or less employees”, states Stefanowicz. "Small businesses are increasingly being presented with growth opportunities. However, these quickly disappear if busy owners have to wait weeks for an appointment with a Bank that they feel is probably going to say 'No' to their loan request." Stefanowicz adds, "Obviously it is easier for Banks to lend to an established big business rather than SMEs and this isn't set to change because structurally they don't deliver what small businesses want. We launched our business (without a contact centre) because we believe there is strong demand for access to quick and flexible finance with a personal service where the lender has a genuine interest in the business, people and growth plans. This coupled with the fact we can have money in a customer's bank account in less time than it takes to see your bank manager is proving to be a winning combination!" He welcomes the Government's latest consultation on SME lending and the focus on sharing information on SMEs that have had loan applications rejected. "Unfortunately, some 40% of small businesses that are turned down for a loan by their Bank do not look further and shelve their plans. Traditional funding sources should be clear about their approach to small businesses - and if they aren't willing to lend, then they should make sure they are aware of the 'alternative lending' solutions that are available", concludes Stefanowicz. Increasing awareness of the options Merchant Money offers is the focus of Merchant Money's attendance at The Business Show 2014 (http://www.thebusinessshow.co.uk/ Editors’ Notes: * Merchant Money provides unsecured working capital loans up to £50,000 to UK Registered Companies that have been trading for at least a year and loans of over £25,000 from Partnerships or Sole Traders. * Typically, two Principal Directors are each asked to sign a personal guarantee. * Customers decide how much they want to borrow and for how long (maximum 24 months and there are no early redemption penalties). * Full product details can be found at www.merchantmoney.co.uk End
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