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Loans Latest News Cable calls for commitment to business lending
Loans Latest News Cable calls for commitment to business lending Cable calls for commitment to business lending
Banks are being called upon by one politician to make sure they offer reasonably-priced credit to small businesses.
More needs doing to ensure that small firms are able to access competitively-priced business accounts and other commercial finance products.Commenting after the publication of a business banking study by the Institute of Directors (IoD), Vince Cable, treasury spokesperson for the Liberal Democrats, states "large numbers of small and medium-sized businesses are still having difficulty in getting credit on reasonable terms".
He claims that instead of giving out large bonuses to their workers, semi-nationalised and nationalised banks "must make good on their commitments to increase lending at reasonable rates".
Speaking after the IoD revealed that 57 per cent of those directors who requested finance last year were turned down, Mr Cable states "sound and solvent" companies will play a crucial part in the nation's economic recovery.
The study also revealed that 28 per cent of directors are turning to bank loans to fund their business, with 36 per cent using overdrafts.
By Kate Guthrie
Wednesday, 17 February 2010 00:00
Comments (1)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
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pparkin352 2010-03-19 12:37:48This is very true, my bank continues to put up every obstacle it can think of to prevent me from increasing the overdraft and wants to see me go out of business even though the company is showing a profit but cash flow is difficult. The bank charges are increasing almost daily and the stress I am under is too much. Who will correct matters the politicians I dont think so! all of these banks continue to treat customers like cannon fodder they have so many they can disregard complaints with ease. We have allowed this situation to continue because we don't get together as a group and teach the banks and politicians a lesson.
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- The convenience to manage your account online, by telephone or through our 1,400 branches
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- Link your business current account to a Santander business savings account for easy transfer of funds
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