Thu 30th June 2011, 12:52 pm
Metro Bank, the UK’s newest high street bank, has opened in Croydon with a promise to focus on “all sections” of the SME market.
It says its own research shows that that only 16 per cent of micro SMEs – with fewer than 10 employees - have access to a business banking manager, compared with 43% of larger businesses.
And larger SMEs, classed as having between 50 and 250 employees, are more likely to ask for, and be granted a loan (29 per cent) than micro businesses (2 per cent).
Mark Price, Metro’s managing director of business and commercial banking, says: “Clearly, smaller businesses are being let down by their existing banks.
“Whatever the size of your business, however many employees you have and irrespective of your turnover, all businesses are welcome at Metro. Our stores are open when it’s convenient for your business, rather than for us.”
Metro’s Croydon Branch, its eighth in the UK, is on the High Street at the entrance to Centrale Shopping Centre.
Price said: “Whether your goal is business advice, working capital, commercial mortgages or expansion funding, Metro Bank can help you.
"What’s more, our focus on local community based banking means that local managers are able to make lending decisions based on the relationship between Metro Bank and your business.”
Metro plans to open over 200 stores over the next 10 years in Greater London, providing a “better banking experience” to UK consumers. It is the only high street bank to be granted a full service banking licence by the FSA in the last 15 months.