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Firms told to 'up game' when applying for business lending

Date Added: 26/04/2011  

Companies need to up their game when applying for business lending.

This is the view of Phil McCabe, spokesman for the Forum of Private Business (FPB), who stated many smaller organisations are finding it hard to even get into a position where they can ask major lenders for a loan.

He explained that this is due to the levels of risk involved in business lending making it hard for companies to secure finance.

"Often banks, with the erosion of local decision making, aren't in a position to judge risk accurately when it comes to small businesses in local areas," pointed out Mr McCabe.

He advised firms to look at the way they present information about themselves when applying for business lending in order to increase their chances of being successful.

The FPB recently called for the coalition government to end a tax loophole which gives major music retailers an advantage over smaller rivals.

Posted by Michael Beam 

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