An interesting article in the Mail on Sunday and in the September issue of Moneywise magazine by Jenny Little. OK I am little biased because I did provide some input confirming that “Project Merlin has failed. Banks just don’t want to lend to smaller businesses”.
However, I would like to make an additional comment. Yes all the banks seem to apply procedures and rules and have no entrepreneurial antenna. Bank managers are simply no longer the business advisors probably because they are stifled by their rules and regulations (but we also need to consider that their track record in the past few years is not encouraging). The entrepreneurial “old fashioned” bank manager – clearly this species is now distinct. Bank Managers have no discretion, they are targeted to sell credit cards and insurance, they are prohibited from applying any business common sense because all decisions are centralised. This of course does not help small businesses and they have to look to other people.