MSP raises awareness of bank lending appeals taskforce

Orkney MSP Liam McArthur is looking to raise awareness among local businesses of the bank lending appeals taskforce run by the British Bankers’ Association.

The appeals process allows any unsatisfied business, with a group turnover under £25 million, which is declined any form of lending, to appeal that decision to the participating bank concerned.

With around 40 per cent of the decisions reversed, it could well be worth contacting Barclays, HSBC, Lloyds, Santander, or RBS if the business feels that have been declined unfairly.

Mr McArthur said: “Access to finance is critically important for small businesses, including those in Orkney. Over recent years, however, bank loans have proved more difficult if not impossible to secure for a good many local businesses in the islands.

“While some of these decisions may be well-founded, I think it is important that there is an opportunity for banks to be properly challenged.  In that context, the taskforce seems to be a good way to shine a spotlight on their decision-making process.

“I certainly would encourage any company in Orkney that feels it has not been treated fairly to consider appealing the decision.”