‘Let’s Do Business Finance’ discusses how modern day high street bank loan approval processes have lost the human touch resulting in declining approval rates across the sector

Business loans are extremely common, and are normally the first port of call for SMEs when looking to raise capital to grow their business. In 2019 45% of SMEs used external finance, which had increased from the 36% reported in 2018 and this figure is expected to continue to grow. 

Applying for any business finance used to be a case of making an appointment with your Bank Manager, sitting down for a chat about your plans and going through your forecasts. In the modern world, the relationship between businesses and the bank has become purely transactional. With the rise of technology and developemtn of algorithims, most of the application process has become automated, with facts and figures making all the decisions, removing the element of gut feeling and belief. 

This has resulted in mainstream banks mostly opting to fund the larger businesses, or very low risk automated decision making , with SMEs struggling to acquire the financing they need to grow. Barriers such as lacking a track record, credit history, or minimal collateral make lending to smaller enterprises unappealing to traditional lenders, with 40% of loan applications being declined. After facing these repeated setbacks, many SMEs appear to have ‘given up’ on growth as it has been reported that ‘In the UK over 73% of SMEs would rather grow more slowly than try to borrow’ , and over one million – or 17% of all SMEs – citing access access to finance as a major obstacle to growth. 

But like a raincloud after a period of drought, there is a silver lining. Community Development Finance Institutions (CDFIs) like Let’s Do Business Finance, are devoted to servicing those who are overlooked by mainstream lenders, helping them not only with their financing needs, but also with dedicated business support to ensure that they are getting the right product, the right amount and at the right terms. 

Over the last five years, CDFIs have lent over £1bn to small businesses unable to get finance from the banks. They act as important delivery partners of government programmes such as Start-Up Loans, Coronavirus Business Interruption Scheme (CBILS) and Recovery Loan Scheme (RLS), supporting the creation, survival and ongoing recovery of SMEs all over the UK. 

Let’s Do Business Finance, which, as an accredited delivery partner of the British Business Bank, provides Start Up Loans, Growth Loans and the Recovery Loan Scheme to businesses across the South East of England. We have a reputation for an individual, human approach to lending. Opting for the ‘old school’ approach to approval, we really get to know our customers, basing the decision not only on what figures say but on the person/people behind the business too. As well as submitting the required paperwork, the application process includes a consultation with an experienced business manager, giving you the chance to really explain your plans and goals, while allowing LDBF the opportunity to really understand your business before a final decision is made. 

Our approach at Let’s Do Business Finance is something that is widely commended and respected amongst the business community, resulting in a host of referrals from previous customers, and repeat borrowing as those businesses continue to grow. 

If you are looking to grow your business, but are unsure what business financing might be
best for you, then do get in touch by emailing info@ldbgroup.co.uk or visiting our website at


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