Responsible loans

SIR – Every day many businesses, from small fashion designers to solar panel manufacturers, are being denied bank loans, because they do not meet the requirements of their bank’s algorithm. We are in danger of losing a generation of entrepreneurs who cannot access the right finance.

It is not just businesses that are being affected by the lack of choice and an impersonal service; families are still turning to expensive payday loans to buy essentials, often getting sucked into a cycle of unsustainable debt.

Responsible finance providers make ethical loans and give face-to-face support and advice. This year alone, they have helped 11,500 businesses to start and grow, creating 4 per cent of Britain’s total new jobs for the year. They have also helped 45,000 people avoid payday lenders.

For the past 15 years, this sector has helped the Government to reach those businesses and people who were turned down by their bank, but were viable customers. However, the removal of government investment has now put these services at risk.

The Government must ensure that responsible finance can continue to drive growth and prosperity in Britain.

Ben Hughes
Chief Executive, Responsible Finance

Katy Ford
Chief Executive, Foundation East

Paul Kalinauckas
Chief Executive, BCRS Business Loans

Edward Siegel
Director of Investments, Big Issue Invest

Stephen Waud
Chief Executive, Business Enterprise Fund

Paul Breen
Director, Business Finance Solutions

Peter Sykes
Chief Executive, Chamber Acorn Fund (Humber)

Mike Musson
Chief Executive, Coventry and Warwickshire Reinvestment Trust

Sandra McLean
Fund Manager, DSL Business Finance

Grahame Latus
Chief Executive, Enterprise Answers

Stephen Edwards
Financial Controller, Enterprise Northern Ireland

Jonathan Diggines
Chief Executive, Enterprise Ventures

Arthur Foreman
Managing Director, Finance for Enterprise

Peter Lovell
Chief Executive, Financing Enterprise

Quamar Zaman
Chief Executive, First Enterprise Business Agency

Graeme Oram
Chief Executive, Five Lamps

Katy Ford
Chief Executive, Foundation East

Nicholas Nicolaou
Managing Director, GLE oneLondon

Stacey Howard
Operations Director, Goole Development Trust

Steve Williams
Loan Fund Manager, Impetus

Elaine Rimmer
Manager, Lancashire Community Finance

Graham Marley
Chief Executive, Let’s Do Business Group

Melanie Elliot
Chief Executive, MCF Group

Karen Davies
Chief Executive, Purple Shoots

Michael Brown
Chief Executive, Robert Owen Community Banking

Sharon MacPherson
Chief Executive, Scotcash

Alan Gordon-Freeman
Chief Executive, Sirius

Alastair Davis
Chief Executive, Social Investment Scotland

John Peters
Managing Director, Southwest Investment Group Services

Harry McDaid
Chief Executive, Ulster Community Investment Trust

Patrick Crawford
Chief Executive, Charity Bank