Blackpool South MP Gordon Marsden has called for the town’s small and medium sized businesses to give it another go when they get a rejection from the bank on finance for growth.
He urged them to make full use of a Government scheme that allows businesses to appeal against a bank’s decision.
He added that once a business starts the appeal process, the lending application will then be considered by a new member of bank staff who has no connection with the original funding decision and overseen by the independent reviewer, Professor Russel Griggs.
Mr Marsden said: “Since launching my Back Blackpool Businesses campaign earlier this year, I have seen countless small and medium sized businesses across the town full of the entrepreneurial spirit and innovation we need to bring growth back to the Fylde Coast.
“In my own constituency casework, I have taken up numerous cases where local firms have had their bids for finance rejected from their bank. That’s why I welcome this appeal process.
“With statistics from the scheme so far showing 40 per cent of decisions are overturned on appeal, I would urge all Blackpool businesses that are unsuccessful in their bids for bank finance to take up the appeal process which is now open to them.’
The scheme is open to all businesses with a turnover of up to £25m.