When the Funding for Lending scheme was announced we had our doubts. I think our exact words were that schemes like this ‘. . . go on to fail because the lending conditions aren’t in the interest of business.’
The first statistics are now out and it seems that the scheme is not as widely used as was originally suggested.
The reason it hasn’t worked is simple; banks are in fact lending, albeit on restrictive terms and with many hurdles – but after you have overcome the hurdles, business finance can be obtained. So with the right planning and with the right professional support, businesses can obtain finance!
Instead of introducing new schemes, we would like to see an improvement in the overall business environment, because that will ultimately motivate businesses to expand and borrow more money.
If you are thinking about expanding your business, buying a new business or organising a new finance structure, then talk to ASC. You know the banks that don’t lend; we know the banks that do.