I read a recent article on the BBC website titled; ‘Small businesses struggling to raise finance’ in reference to a recent survey which suggested “an increase in refusals for finance”.
The business minister explained last week his plans to establish a new bank with the following message: “the Government understands the frustration felt by many small and medium sized businesses around securing credit … many new promising growing companies simply can’t get the loans they need to expand on reasonable terms”.
I am not sure where this information is coming from and who advises the Government. The fact is that companies can get the loans they need on reasonable terms. It is just a much more difficult journey than it was in 2006 or 2007. Banks are more cautious (and in many cases perhaps rightly so) and they are far more pedantic when underwriting a loan. But finance is available.
Why do I say this? Because we are in the business of securing credit for new, promising and growing companies and I can tell you that credit is available. The only difference is it can’t be arranged in the same way as it was in 2006 and 2007 and it is not available on the terms offered in 2006 and 2007 – but who on earth would want to go back to those days.
Let us know if you have ever had trouble accessing business finance, we would love to hear from you. In the mean time we will continue doing what we do best.