Coventry SMEs loosing out on £32.5 million in lost interest from big banks

Following the recent increased awareness about the serious lack of support given to SMEs by traditional banks, Allica Bank has turned the spotlight on Coventry and Warwickshire, to address the oversight to SMEs in the area.

Research by Allica Bank shows that, on average every SME in Coventry and Warwickshire is losing out on an additional £2,157* in annual interest.

*based on the average savings account holding of £75,000.

For Coventry and Warwickshire, the lost interest from the region amounts to a staggering £32.5million. This huge sum of money could be used by businesses to continue to grow and support the wider community, including to develop green practices or invest in hiring more staff.

Allica Bank, the SME-focused challenger bank, has seen first hand as shown very clearly in Allica’s recent Savings Squeeze report, how the big banks have been forgetting about the economy supporting established SMEs. Allica have now appointed a new Relationship Manager specifically for Coventry and Warwickshire to address this.

Born and bred in Coventry, Hardeep Toor has a background in Accountancy and Finance, with 7 years of experience working with businesses in the West Midlands at roles with the big banks. Having family members working in industrial businesses in Coventry, Hardeep has both first hand and professional knowledge of the challenges that local businesses have faced over the last few decades – along with a desire to tackle them head on as their local bank manager with better solutions on offer.

Hardeep Toor, Regional Manager for Coventry and Warwickshire says “Looking at £32.5 million lost for businesses across Coventry and Warwickshire over the last year alone is shocking, but it doesn’t need to be the case. As Allica’s Relationship Manager for Coventry and Warwickshire, I hope to help more businesses across these two cities access the best solutions to suit their unique needs – including offering worthwhile interest rates for their hard earned cash.

If banks stopped overlooking SMEs, we would see UK businesses across the country flourishing from better interest rates and more in depth and tailored banking solutions.

Which region is losing most in lost interest?