Linda Fabiani MSP for East Kilbride is encouraging local businesses with a group turnover of up to £25 million, who have been declined funding from participating banks, to enter into the Appeals Process.
“The ability of businesses to access funding is crucial to economic recovery.
“Therefore, it is important to note that when an application is declined, there is not an automatic appeals process.
“Businesses, with a group turnover of up to £25 million, who have applied for funding with Barclays; HSBC; LBG; Santander or RBS, and have been declined, can appeal this decision.
“40% of decisions were overturned when reviewed by a second person from within the bank. However, this process is not automatic and it falls on the business to enter into the Appeals Process, something which I would strongly encourage them to do.”