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Lending criteria 'tougher' for business debt advice customers

Date Added: 14/02/2011  

Banks are increasingly bringing in tighter regulations regarding the lending to firms such as those which are in need of business debt advice.

This is the opinion of John De Groot, chairman at Success Strategy, who stated that in the last couple of years, in the aftermath of the recession, anecdotal evidence appears to suggest that lending criteria has become tighter.

But he pointed out that some start-up companies may find they are able to access finance.

"Banks have traditionally competed over time to be the most favourable bank for start-ups and the accolade has oscillated between the banks," added Mr De Groot.

He explained that some business debt advice customers may currently be unable to access lending because of a "marketing issue" instead of an "aggravated risk issue".

The company lending expert was commenting shortly after the Treasury revealed that banks in the UK have promised that £190 billion of new credit will be available to businesses in 2011.

Posted by Michael Beam 

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