“The ball is in your court… Business Owners Message to Banks



Amidst the lingering uncertainty that hangs around all areas of life at the moment, the issue of financial support for struggling businesses is a delicate and emotive one, to say the least.


Chancellor Rishi Sunak was clear when he said that the Government would do “whatever it takes” to support small, medium and big businesses through the crisis, but there is some doubt over when and if this will actually come to fruition.


This doubt comes from several business owners, who have tried and failed to gain access to the emergency grants and the much discussed ‘loans with attractive terms.’ There are reports that the big banks, who have been entrusted with managing the loans on behalf of the Government, are very inconsistent with their rates, as well as their definition of the term ‘attractive.’


Apparently, when they have been able to get through on the phone, business owners have been seeing a disparity in rates ranging between 7% and 30%, and so it is easy to understand the frustration and confusion they feel right now.


In fairness to the banks and the Government, this has all happened so quickly, and the rule book has not just been ripped up, but set on fire and thrown out of the window.


In truth, any expectation that this would ever have been sorted out overnight was wholly unrealistic.


All business owners are looking for, aside from urgent financial support, is a little security that they will survive, which is why we’re saying that the ball is firmly in the banks’ court. They have the obligation and the duty to manage this in a fair and supportive way, with realistic and relative terms that support businesses, big and small, through these unprecedented times.


(Not least because they’ve been bailed out big time in the past…)


The bottom line is that up to a million firms face closure in the next month, if financial support cannot be arranged.


Up to one million.


That is unthinkable, even with all that is going on in the world.


Health is obviously the most important thing right now, but business owners are still looking to the banks to put the money where the Government’s mouth is.



To find our more about us click below:

www.courtenforcementspecialists.co.uk

Contact us direct:

0161-507-0626

#TeamCES



160 views
Disclaimer

The statements and opinions expressed in this article are those of the author and do not necessarily reflect those of Court Enforcement Specialists.  Comments are welcome. However, the blog owner reserves the right to edit or delete any comments submitted to this blog without notice.  The author will not be held responsible for any comments posted by visitors to this site. The author is not responsible for the content in comments.  

Court Enforcement Specialists does not take any responsibility for the views of the author.  Please note this blog is not to provide specific legal advice.  This blog disclaimer is subject to change at anytime.

Helpful Contacts

Money Advice Service: 0300 500 5000

Debt Advice Foundation: 0800 043 4050

CAB: 0300 330 1313

PayPlan: 0800 280 2816

National Debt Line: 0808 808 4000

Stepchange: 0800 138 1111

Helpful Links

Head Office

Phone:

0161 507 0626

Email:

info@courtenforcementspecialists.co.uk

Victoria House, Great Ancoats Street, Manchester, M4 7DB

Professional Business of the Year-02[147
New Business Start-up of the Year-02[147
ICO_logo.png
logo_3x.png
html_logo[182070].png

© 2018 by Court Enforcement Specialists

Court Enforcement Specialists Ltd operates in England and Wales.