5,359 manufacturing business loan applications made by manufacturing business last year were unsuccessful, according to a new report.
Research carried out by equity loan and housing investment provider Castle Trust revealed the figure, which accounts for loans and overdrafts from privately owned businesses in the manufacturing were rejected last year.
Sean Oldfield, Chief Executive Officer, Castle Trust said: “Many businesses are finding it difficult to secure funding from banks at the moment, but a number have owners who have significant equity locked up in their homes.”
Castle Trust revealed the news as it announced plans to enter the SME lending market, targeting business owners nationally, including those in the manufacturing sector.
It applies to those who have at least 40% equity on their homes, looking to raise funds for their organisation.