According to a new study from Mercedes-Benz Vans, nearly 60% of van drivers are still being turned down for funding by high street banks, despite contributing more than £43.8bn to the UK's economy.
As well as providing a significant boost to the country's economy, with two-thirds of SMEs expecting to grow within the next 12 months, a massive 58% are still seeing their applications for funding turned down by high street lenders.
Mercedes-Benz Vans says it has seen a big increase in the amount of finance requested and approved to its customers, with one in three vans now funded via Mercedes-Benz Financial Services. The approval rate is 85% – a 43% greater approval rate than high street banks.
Steve Bridge, Managing Director, Mercedes-Benz Vans, said: ‘It is staggering that while business van drivers contribute almost £44 billion to the UK economy, and make up of around 10% of the country's total employment, their significant contribution to the economy is almost certainly forgotten when it comes to Britain's banks.
‘In order to ensure these businesses grow, whether they are sole traders or SMEs, high street lenders need to wise up and give back to such an important part of the economy.
‘We see great potential in the SME market and want to work with this significant business community to best support them and their vehicle requirements however we can, be it through finance offerings, advice on running their vehicle fleet, or after sales care.’
The new National Business Development team is headed up by Andy Eccles, who has been appointed head of national business development for Mercedes-Benz Vans.
Eccles previously worked in the contract hire and leasing market with over 30 years' experience supporting customers in both the private and public sectors.
He is supported by a team consisting of three regional fleet sales managers – Kirsty McKinnon, Michael Parrott and Paul Pickett – who are tasked with working both alongside the dealer network, as well directly with small businesses, to help with all aspects of buying, owning and running a van.
