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London SMEs Refused £442.3 Million in Credit

Fleximize reveals banks reject hundreds of millions in credit applications from SMEs in London

24th November 2015

New analysis(1) from Fleximize, an alternative SME lender, reveals that during the first half of 2015, banks rejected up to £442.3 million worth of credit applications from SMEs in London.

Fleximize’s analysis(1) reveals that between April and June this year, the approval rates for smaller businesses in the UK applying for loans and overdrafts was 80% and 78% respectively, and the corresponding figures for medium-sized businesses was 90% and 93%.

This level of rejection is fuelling demand for alternative forms of lending. Fleximize estimates(2) that in total, up to £488.73 million from alternative lenders has been taken out by businesses in London.

Max Chmyshuk, Founder and Managing Partner at Fleximize, said: “As the British economy improves, demand for credit from SMEs is increasing but banks are still rejecting a significant number of applications. Alternative lenders such as ourselves are benefiting from this - in the first half of this year the amount we lent to clients was 211% higher than in the same period in 2014.”

Fleximize offers a choice of flexible loans and revenue-based financing to small and medium-sized businesses where repayments are tied to a client’s revenue flow – paying back more in good months and less when income drops. For further information visit fleximize.com or call 020 7100 0110.

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Notes to editors