Today the British Bankers Association draws our attention to research from BDRC Continental, which shows that 75 per cent of successful bank funding applications lead to the money being in a business’s account within 14 days of applying. It also found that 94 per cent of recipients received the funding before they needed it. 14 days is significantly longer than it takes for some alternative funders to pay out – particularly digital lenders and invoice funders – but banks typically offer lower rates than these so it can pay to think about how soon you really need funding. Irene Graham, Managing Director of Business Finance at the BBA, said: “In tough times, many small businesses live from week-to-week and being able to access bank cash quickly can have a really positive impact on their operations, helping them pay off bills and buy necessary equipment. “Banks are continually trying to improve the speed and efficiency of their services in order to make life easier for business customers and it’s positive news that as many as 94 per cent get bank cash in time to meet their needs.
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