Yorkshire Bank To Improve Small Business Finance Offering

Tue, 18 Jan 2011

Yorkshire Bank is preparing to revamp and expand its small business lending operation in a bid to boost its small share of the SME finance market.

The National Australia Bank-owned lender is looking to launch new business finance products and a marketing campaign aimed at capitalising on the retreat of rival lenders from the market and an expected increase in UK start-ups.

Yorkshire along with and sister bank Clydesdale will also pledge to offer many small businesses face-to-face services instead of the call centre contact often offered by Britain’s big retail banks, and will also promise to answer loan queries in 48 hours.

Gary Lumby, director of small business banking at Yorkshire Bank, said: "Small businesses are saying that banks are generally not open for business and they are finding it difficult to access credit at the right price."

"Other banks have moved small businesses up the food chain. That generally means you talk with a call centre or relationship team."

"What we are seeing is signs that demand is starting to pick up. We will see a lot more people wanting to start up in business.

"We're going back to the future. It's going back to what bank managers used to be like, without the stuffiness."

Yorkshire and Clydesdale's small business proposal is expected to be rolled out within the next couple of months.
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