I don’t have a crystal ball and I’m not a betting man. I tend to make educated guesses based on previous results. My latest forecast is a pessimistic outlook for the newly announced Business Bank that was included in the Autumn Statement.
It sounds good on paper! But hang on, can we just think about the last initiative? What was it again? Yes – you and I are struggling to remember. It was the “Funding for Lending” scheme which was launched in August 2012. Only last week it was announced that it is an unsuccessful scheme with most lenders not making use of it.
So I am struggling to see the benefit of yet another scheme. I wonder if the influx of initiatives really provides the motivations and conditions for businesses to borrow. Thankfully there is ASC, who help thousands of businesses each year find the right finance for their business. We know that sensible business finance is available for sensible projects because we organise it week in and week out for our clients.
Nobody wants to go back to the lending conditions of 2007, which is why banks are more cautious and in some cases, rightly so. But very often they are not right to be so cautious and that’s why ASC play an important role. Finance is available. If you need finance for your business – you don’t need a new government backed scheme – all you need to do is talk to ASC.
I look forward to hearing your feedback on the new scheme and please call me if you need to arrange finance.