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Banks need more specialist knowledge to help support farm businesses

Eighty three per cent of SMEs in the sector thought there were ways for banks to improve.s

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'Farm businesses feel like a square peg in round hole' - Banks need more specialist farming knowledge

Eighty three per cent of SMEs in the sector thought there were ways for banks to improve with a 50 per cent increase in the amount wanting specialist knowledge since 2015, according to a poll from Hitachi Capital Business Finance.


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Gavin Wraith-Carter, the firm’s managing director, said farming businesses often felt like ‘a square peg in a round hole when it comes to financial services’.

 

Needs

 

“If their specific needs are not being met and if the pressures they are under and challenges they face are not properly understood, the situation will become increasingly frustrating for them,” he said.

 

“With the threat of economic uncertainty ahead, SMEs need partners who speak their language to ensure their businesses continue to grow.”

 

The survey found 31 per cent of small agricultural businesses wanted to see banks committing to the sector more generally and transparent fees were also highlighted with 26 per cent of the sector saying this would help their business.

 

However, there was a drop in businesses who said banks were unwilling to lend, down 8 per cent to 21 per cent in 2017.

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