Small Business turns on their banks

08/01/2010

Business bank customers, in particular small business people, are less impressed with their bank at the end of 2009, than they were one year ago according to research released by East & Partners.

Business banking sentiment has finished 2009 well down, fell by just over one percent during the month, and 15.2 percent fall compared with one year ago.

Small businesses in particular felt a deterioration in their relationship throughout 2009, with sentiment falling by 30 percent, while the sentiment of larger businesses remained strong.

“2009 has been a tough year for small business customers, with banks re-pricing and re-evaluating their lending to small businesses”, East & Partners’ financial markets analyst, Peter Drennan said.

“The key to the new year will be how banks treat their relationships with small businesses and, in turn, how small businesses react to their banking experiences of the past year”, Mr Drennan added.

Source: East & Partners

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