IELTS Writing Task 2: Mastering Essays on the Role of Banking in Supporting Small Businesses (Sample Essays for Band 6, 7, and 8)

The topic of banking’s role in supporting small businesses is increasingly relevant in IELTS Writing Task 2 exams. This theme intersects with economic development, entrepreneurship, and financial inclusion – all critical issues in today’s global economy. Based on recent trends, we can expect this topic to appear more frequently in future IELTS exams. Let’s explore a sample question that has been adapted from past IELTS exams and closely aligns with this theme.

Some people believe that banks should primarily focus on supporting small businesses rather than large corporations. To what extent do you agree or disagree with this statement?

Analyzing the Question

This question requires candidates to discuss the role of banks in supporting businesses, with a specific focus on whether they should prioritize small businesses over large corporations. Key points to consider:

1. The statement presents a comparative view: small businesses vs. large corporations.
2. Candidates need to express their level of agreement or disagreement.
3. The question implicitly asks about the economic and social impacts of banking policies.
4. Responses should consider the advantages and disadvantages of focusing on small businesses.

Sample Essays

Band 8 Essay

In today’s dynamic economic landscape, the role of banks in supporting businesses is crucial. While some argue that banks should prioritize small businesses over large corporations, I partially agree with this view, believing that a balanced approach is more beneficial for overall economic health.

Undoubtedly, there are compelling reasons for banks to focus on small businesses. Firstly, small enterprises are often the backbone of local economies, providing employment and fostering innovation. By supporting these businesses, banks can contribute significantly to community development and economic diversification. Moreover, small businesses frequently face greater financial challenges and have limited access to capital compared to large corporations. Banks’ support can be pivotal in helping these enterprises overcome initial hurdles and achieve growth.

However, it would be short-sighted to neglect large corporations entirely. These entities play a crucial role in the broader economic ecosystem. They often drive major innovations, participate in international trade, and provide stability to national economies. Additionally, large corporations can create extensive supply chains that benefit numerous smaller businesses. Banks’ support for these corporations can thus have a trickle-down effect, indirectly benefiting smaller enterprises.

A balanced approach seems most prudent. Banks should develop tailored strategies to support both small businesses and large corporations. For small businesses, this might involve offering specialized loan products, providing financial literacy training, and simplifying application processes. For large corporations, banks could focus on complex financial instruments, international banking services, and large-scale project financing.

In conclusion, while supporting small businesses should be a priority for banks, it should not come at the expense of neglecting large corporations. A diversified approach that recognizes the unique needs and contributions of both small and large businesses is likely to yield the most positive economic outcomes. This strategy would foster a robust and inclusive financial ecosystem that supports economic growth at all levels.

Balanced banking approach supporting small and large businesses

Band 7 Essay

The question of whether banks should focus primarily on supporting small businesses rather than large corporations is a matter of significant debate. In my opinion, while small businesses certainly need support, I disagree that banks should focus exclusively on them at the expense of large corporations.

Small businesses undoubtedly play a crucial role in the economy. They often serve as the primary source of employment in local communities and can be hotbeds of innovation. Many small businesses struggle to access the capital they need to grow and thrive. Banks that provide support to these enterprises can help stimulate local economies and foster entrepreneurship.

However, large corporations also have an essential place in the economic landscape. They often drive major technological advancements, participate in international trade, and contribute significantly to national GDP. Moreover, large corporations frequently form the backbone of supply chains that many small businesses rely on. If banks were to focus solely on small businesses, it could potentially destabilize these larger economic structures.

A more balanced approach would be beneficial. Banks could develop specialized programs for small businesses, offering tailored loan products and financial advice. At the same time, they should continue to support large corporations, which often require more complex financial services. This dual approach would help create a more robust and diverse economy.

In conclusion, while supporting small businesses is important, banks should not do so at the complete expense of large corporations. A balanced strategy that recognizes the value and needs of both small and large enterprises would likely lead to the most positive economic outcomes.

Band 6 Essay

The role of banks in supporting businesses is very important. Some people think banks should focus more on small businesses than big companies. I partly agree with this idea.

Small businesses are important for the economy. They give jobs to many people in local areas. Also, small businesses often need more help with money. Banks can help them grow by giving loans and advice. This can make the local economy stronger.

But big companies are also important. They make many products and services that we use every day. They also give jobs to lots of people. If banks don’t help big companies, it could cause problems for the economy.

I think banks should help both small businesses and big companies. They can make special plans for small businesses, like easy loans. For big companies, they can offer different services. This way, both types of businesses can get help.

In conclusion, banks should support small businesses more, but not forget about big companies. This will help make the whole economy stronger and better for everyone.

Diverse business support in banking

Explaining the Band Scores

Band 8 Essay Breakdown

This essay demonstrates excellent control of language and presents a sophisticated argument:

1. Task Response: The essay fully addresses all parts of the task, presenting a well-developed response with relevant, extended, and supported ideas.
2. Coherence and Cohesion: Ideas are logically organized with clear progression throughout. Cohesive devices are used effectively.
3. Lexical Resource: A wide range of vocabulary is used with very natural and sophisticated control of lexical features.
4. Grammatical Range and Accuracy: A wide range of structures is used with full flexibility and accuracy.

Band 7 Essay Breakdown

This essay shows a good command of the language despite some inaccuracies:

1. Task Response: The essay addresses all parts of the task, though some aspects are more fully developed than others.
2. Coherence and Cohesion: Information and ideas are organized coherently, and there is a clear overall progression.
3. Lexical Resource: A sufficient range of vocabulary is used, allowing some flexibility and precision.
4. Grammatical Range and Accuracy: A variety of complex structures is used with good control, though with occasional errors.

Band 6 Essay Breakdown

This essay addresses the task in a generally coherent manner but with limitations:

1. Task Response: The essay addresses the task, but the format is simple, and some key points lack depth.
2. Coherence and Cohesion: The overall organization is clear, but paragraphing could be more fully developed.
3. Lexical Resource: An adequate range of vocabulary is used for the task, but usage is sometimes repetitive.
4. Grammatical Range and Accuracy: A mix of simple and complex sentence forms is used, with some errors that do not impede communication.

Key Vocabulary to Remember

1. Economic landscape (noun) – /ˌiːkəˈnɒmɪk ˈlændskeɪp/ – The general economic environment or situation
2. Diversification (noun) – /daɪˌvɜːsɪfɪˈkeɪʃn/ – The process of varying or diversifying
3. Pivotal (adjective) – /ˈpɪvətl/ – Of crucial importance
4. Trickle-down effect (noun) – /ˈtrɪkl daʊn ɪˌfekt/ – The theory that benefits given to higher business tiers will eventually pass down to lower tiers
5. Prudent (adjective) – /ˈpruːdnt/ – Acting with or showing care and thought for the future
6. Tailored (adjective) – /ˈteɪləd/ – Made or adapted for a particular purpose or person
7. Robust (adjective) – /rəʊˈbʌst/ – Strong and healthy; vigorous
8. Inclusive (adjective) – /ɪnˈkluːsɪv/ – Not excluding any section of society

Key vocabulary for banking and small business support

In conclusion, the Role Of Banking In Supporting Small Businesses is a complex and nuanced topic that requires careful consideration of various economic factors. As you prepare for your IELTS exam, practice writing essays on related topics such as:

• The impact of digital banking on small businesses
• Government policies to encourage bank lending to small enterprises
• The role of microfinance in supporting entrepreneurship

Remember, the key to success in IELTS Writing Task 2 is to present a well-structured argument with clear examples and relevant vocabulary. Practice writing your own essay on this topic and consider sharing it in the comments section for feedback and discussion. This active engagement will help you refine your writing skills and prepare effectively for the IELTS exam.

The role of technology in addressing global poverty is another important topic that often intersects with discussions about banking and small businesses. As you explore these themes, consider how technological advancements in banking can potentially support small enterprises and contribute to poverty reduction.

Additionally, understanding how to promote entrepreneurship in developing nations can provide valuable insights into the broader context of small business support and economic development. This knowledge can enrich your essays and demonstrate a comprehensive understanding of global economic issues.