The announcement follows a recent Office for National Statistics report which found the UK’s gross domestic product had risen by just 0.3% during the first quarter of 2017, the slowest rate of growth since the first quarter of 2016.
“Bank lending speeds have remained static despite improvements in technology, consumer credit checks and a steadier market,” said Paul Aitken, CEO of Borro.
“If the industry is serious about supporting business growth in the UK, it’s critical lending speeds are improved.
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“We know business owners are missing out on opportunities to expand purely due to lack of available cash.”
Recent data has found that 19% of UK SMEs have missed at least one new business opportunity in the past 12 months due to a lack of available finance, resulting in an average cost of £77,651 per business.
“The average bridging completion time in the UK is 48 days, whereas we can provide loans against property in three days, some within 24 hours,” Paul added.
“There’s no reason the banking industry can’t improve its valuation methods to offer a better service for its customers, especially business owners in need of a quick turnaround so investment decisions can be made.”