High Street Banks squeeze lending criteria
| Date Added: Wed September 19 2007 |
Small firms risk being driven out of business as clearing banks react to turbulence in the global credit market.
Whilst SMEs account for nearly 60% of UK employment and more than 50% of UK turnover, banks are said to be reining in lending and reducing their support at branch level according to the Federation of Small Businesses.
FSB spokesman Simon Briault comments: "The effect of the crisis in the global financial markets is trickling down as far as our high streets. Suddenly banks are less ready to lend to small firms who arguably need it most.”
"Relationships between small businesses and their local bank branch managers have been eroding over time but lately the trend has worsened much more quickly. Some members tell me their banks have given the impression that they won't lend money at all now." |
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