We came across an interesting article in the Times last week, which said that our attitudes to the elderly were sometimes wrong, and that instead of viewing them as a drain on resources, we should see them as wanting and willing to contribute more and more to the economy.
And it is an argument which can sometimes resonate. We know, from our experience of arranging commercial finance across the UK, that some lenders do not look favourably on an application if the borrower is over 60 years old! So when a 60 year old approaches their bank, wanting to buy a B&B, or refinance their business which they’ve been running for many years, sometimes the bank may turn round and say “no”, simply because of their age.
Luckily, there are ways around this. At ASC Finance for Business, we know which lenders are willing to provide finance, and how best to negotiate any proposal with them. To find out more, speak to your local director, with no obligation.