BusinessBusiness RecoveryLack of Bank Lending exposes UK’s limited access to Finance

Lack of Bank Lending exposes UK's limited access to Finance

SME business owners are turning to personal credit cards, friends and family to support their businesses while banks continue to refuse finance. This seems to be the message coming through from various research surveys carried out by small business interest groups, the IOD and credit agencies like Graydon over recent weeks. This story even appeared on the front page of the Daily Mail last week……. but is it much of a surprise? The fact is, this country’s small business community is overly reliant on banks for their finance, and there doesn’t seem to be any real sophisticated back up if and when banks refuse to lend, as has happened during the credit crisis. Recently, stories have been emerging in the press revealing that entrepreneurs are finding innovative new avenues to finance, but its all a bit piecemeal. I’m not sure what accountants advise in instances where banks have declined to lend to clients, but I hope professional tips involve more than “can’t you borrow off your mates for a few months?”

Related Articles

Martin Williams

Business Recovery Martin Williams

7y Accountancy Age, Reporters
Time to Act against slow payers

Business Recovery Time to Act against slow payers

7y Martin Williams
Cash-struck consumers dent recovery hopes

Business Recovery Cash-struck consumers dent recovery hopes

7y Martin Williams
Sort out the credit sloths

Business Recovery Sort out the credit sloths

7y Martin Williams
Window dressing won't save Britain's high streets

Business Recovery Window dressing won't save Britain's high streets

7y Martin Williams
EU ding dong over accounts filing Exemption

Accounting Standards EU ding dong over accounts filing Exemption

7y Martin Williams
Insolvency stats are head-scratchingly strange

Business Recovery Insolvency stats are head-scratchingly strange

7y Martin Williams
Authorities wake up to £38bn robbery

Business Recovery Authorities wake up to £38bn robbery

7y Martin Williams