Corporate banks reluctant to finance Manchester business?

Corporate banks remain reluctant to finance Manchester-based business and others in the area, it has been suggested.

Chris Fletcher, deputy chief executive and policy director of the Greater Manchester Chamber of Commerce, noted corporate banking credit continues to be difficult to secure, observing some members are "looking for other ways to finance their business requirements".

He notes certain sectors are still unpopular with credit providers, so individuals with private wealth invested in sectors such as construction may find limitations on the growth of their interests.

Manchester-based businesses might find it harder than some other areas of the country to obtain loans from corporate financial institutions, as the north was among the regions hardest hit by the recession and associated rising unemployment.

A recent poll by the National Association of Commercial Finance Brokers on commercial lending to small and medium-sized enterprises showed the level has increased by 17 per cent year-on-year, although this is still 39 per cent down on the market peak.ADNFCR-2318-ID-800061999-ADNFCR