Have you heard the news about the Royal Bank of Scotland (RBS) allegedly forcing small businesses into credit default during the economic recession of 2008-2009?Apparently RBS moved SMEs into its Global Restructuring Group, where a recent whistleblower said “morally bankrupt” practices were used to claw back as much money as possible from struggling entrepreneurs.
The Financial Conduct Authority has now launched an independent review of RBS`s handling of struggling business debtors. And the Parliamentary Commission on Banking Standards and Treasury Committee chairman, Andrew Tyrie, has declared that all UK bank chiefs can expect their small business lending practices to be investigated by the government.
The Problem of Small Business Finance
Considering the fact that a quarter of UK small and medium-sized businesses are supported purely by the entrepreneur’s personal finances, this inquiry into lending practices seems long overdue.
Many of the UK’s SMEs have found it difficult to secure enough funding to give their business a reasonable chance of success -- in effect, if you can’t put in enough money to get off the ground and keep moving, your business will crash.
As a small business entrepreneur, you’ll already know just how tough business finance can be. Many small businesses have cash flow worries and problems collecting late payments . And the harder small businesses find survival, the longer it will take to get the British economy back on its feet, because our economy is founded on jobs provided by SMEs .
There are several ways to make your small business finance work, and not all of them depend on borrowing from banks or loan sharks. Look deeper into your cash flow and financial efficiencies to find pivotal points where a small change of practice can create a big result.
360ict provides all-inclusive IT management and business services to SMEs in central London and the SouthEast. Call us on 0208 663 4000 to learn more about how you can improve your business finances or ICT systems.
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