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Firms 'facing an uphill struggle financially'

Date Added: 22/09/2010  

Looking for business debt advice in Manchester? Call 4R Business Recovery for help

Businesses which are taking company debt advice have been told that it is difficult at the moment for firms to access lending from banks.

According to the Federation of Small Businesses (FSB), companies are currently facing an "uphill struggle" financially, due to the situation with bank lending.

National chairman of the organisation John Walker stated that demand for finance is currently high as the UK economy continues to recover from the recession "tentatively".

"If the government truly believes that the private sector is going to help avoid a double-dip recession, it needs to consider alternative sources of finance," he said.

Mr Walker said the FSB is therefore calling for greater competition in the banking sector in order to free up more lending to companies that are in need of business debt advice.

Andy Pratt, chief operating officer at independent mortgage advisor Alexander Hall, recently stated that the bank lending situation could get worse before it gets better. 

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