News

Friday, August 6th, 2010

Banks have been in the spotlight this week with much media coverage about the half-yearly profits and a lot of focus on the government’s push to lend to small businesses.
I am a small business and I need a new computer system - so I gave my bank a call to see what they could do for me.
Despite their acknowledgement that my account management was exemplary (I don’t even have an overdraft), the best they could offer me was an interest rate of 16.74% and an arrangement fee of £300 to borrow £1500!
I felt sorry for the guy on the phone - he was so apologetic and agreed it wasn’t competitive. So where does a business go to borrow money then? Fortunately, I am not desperate and a business loan was only an option - but I pity any business that NEEDS such finance to survive.
Oh well, I guess this old Windows XP will have to keep going a bit longer…..