Home // News // Current Affairs // Bank closures cause concern for SMEs

Bank closures cause concern for SMEs

Following the closing of more Lloyds Banking Group’s branches, The Federation of Small Businesses (FSB) has expressed concern about what this would mean for small and medium-sized enterprises (SMEs). 

Mike Cherry, national chairman of the FSB, said it is “very worrying” to see more local bank branches being shut down, leaving small business customers without the services they rely on.

He said: “Cash still remains an important element of many small firms and it needs to be banked at the end of the day. For some small businesses online banking is not always a viable substitute, not least because of poor broadband coverage in many rural areas.

“While there are moves by some banks to allow basic services to be accessed in Post Office branches, the Post Office is not yet able to step in as an alternative with full business services.

“The onus is now on Lloyds to take steps to ensure access to banking is being protected under the terms of the access to banking protocol.”

Lloyds announced that it will be closing 100 branches between July and October.

About Tom Davis

Tom Davis
A graduate from Staffordshire University with a degree in Journalism and Media Studies, Tom is currently living his magazine-writing dream. In his spare time, Tom enjoys photography and is a keen cyclist. Please do drop him an email for any potential new story ideas.

Check Also

F Hinds

Social media engagement posts are ‘cringe-worthy’, F Hinds finds

UK couples who are publicising their engagements to the world via social media are ruining …

Why not sign up to the Jewellery Focus Daily Briefing?

Why not sign up to the Jewellery Focus Daily Briefing?

Join our mailing list to let Jewellery Focus deliver the latest news from across the UK jewellery industry, directly to your inbox.

We have added you to our list! Please check your inbox to confirm your subscription.