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Business debt consultancy customers finding lending conditions 'hard'

Date Added: 17/02/2011  

Business debt consultancy customers which are trying to access lending from banks are likely to struggle to be approved unless they have collateral to back up the loan.

This is the opinion of Sara Rizk, editor of information and advice website Startups.co.uk, who stated that there is evidence that some banks are being more discriminatory than others when it comes to lending to companies.

"One of the big problems with small businesses now is that the banks probably don't do as much as they could to publicise things like the Enterprise Finance Guarantee scheme," she said.

Ms Rizk added that business debt consultancy customers can use this programme as a guarantor for a loan, improving their chances of accessing lending from a bank, should they have no collateral.

This comes shortly after chief executive of the Forum of Private Business Phil Orford questioned how promises to increase lending to firms such as business debt consultancy customers will work in practice.

Posted by Michael Beam 

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