SME missing out on funding from banks
Hundreds of million of pounds are being put into the banks of which only a fraction of this money is available for SME. However, many of these businesses are still being asked to put up their residential property up for security.
The Federation of Small businesses are saying that many of its members are still being refused loans, or if they are available, with huge arrangement fees and high interest rates. Some reports indicate credit cards are being offered instead, with interest rates even higher.
Newly started up businesses are also being locked out of government funds due to heavy lending criteria and the need for working capital.
4little1s.com the online baby gifts, Nursery furniture and baby bedding Director, Christianne James hit the same problem recently. We were asked to use the little equity we had in our house as security, regardless of the fact we had a good strong business case for expansion. Fortunately we managed to secure funding via another private source.
4little1s.com provides a ‘one stop - online shop’ for all your baby nursery need
