A new study by Mercedes-Benz has revealed the raw deal White Van Man is still receiving from the nation’s high street banks.
Britain's van drivers contribute over £43.8 billion to the UK's economy according to calculations made by Mercedes-Benz, nearly 60% who apply for funding by high street banks see their applications turned down.
For each van in the UK more than £5,600 a year in fuel duty and tax alone goes into the UK economy, which is more than a fifth of the average van drivers' entire annual income, not to mention revenue from income tax and national insurance. However, many small business van drivers still find themselves persona non grata with their high street bank according to the Mercedes-Benz Vans study.
Despite two thirds of small business van drivers and owners expecting to see their business grow over the next year, with significant benefit to the UK economy, well over half have their funding turned by the high street lenders. This compares to a 90% acceptance pre the recession.
Mercedes-Benz Vans report a huge increase in the amount of finance requested and approved to its customers, with one in three vans now funded via Mercedes-Benz Financial Services rather than through high street borrowing.
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, 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.”
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