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Banks 'not helping company debt advice customers enough'

Date Added: 18/10/2010  

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

Company debt advice customers will be see rewards from newly-unveiled plans to boost industry from the government.

This is according to Michael Baxter, editor of Investment and Business News, who described the new funding package as insufficient.

He stated that the £1.5 billion fund is an attempt by the banks to become more popular, after their credibility was damaged by the collapse of the financial services industry during the recession.

"The banks have got this cautious attitude to lending whereby they can lend to individuals because the loan is secured by a property and an income, whereas lending to businesses is more risky," explained Mr Baxter.

Company debt advice customers may therefore have hoped a greater amount of money would have been provided by the country's banks to help them get going.

As well as the £1.5 billion fund, the British Bankers' Association announced that new lending principles are to be published to try and boost those in need of company debt advice.

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