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Tuesday, 9 February 2010

Banks not lending enough: So go ASK!

Lloyds and RBS are failing to lend:

MPs said the banks' lending record had caused "widespread dismay"
Royal Bank of Scotland and Lloyds Banking Group have been criticised by a committee of MPs for failing to lend enough to homeowners and businesses.

In reply to the accusation "Lloyds spokesman Stephen Pegge admitted it was "unlikely" that targets for business lending would be met, saying that there was insufficient demand from companies.

"We are still saying yes to 80% of businesses who want to borrow, but there will be some businesses that it will be difficult to provide that extra finance for," he said.

"We are growing our business lending faster than the rest of the market, but it's subject to demand, and that demand has been limited."

So the message seems clear, in advance of the recovery make sure you have ASKED the bank for support. It is no use blaming them for not lending to your company, if your business has not asked!

Obviously, you will need a solid business plan and a good lending case.

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