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Close Invoice Finance warns of loans squeeze
According to the financial firm, just one in 20 firms now trust banks to keep on lending them money in 2009 - down from three in four in 2008.
The report also revealed that around 540,000 desperate SMEs are currently seeking out loans from friends and family.
Banks have cut down on their lending to both businesses and consumers as a result of the global credit crunch.
This has meant that previously credit-worthy customers have been shut off from being lent to.
David Thomson, chief executive of Close Invoice Finance, said: "The relationship between banks and SMEs has collapsed with severe repercussions for the sector as a whole.
"With banks now closing their doors to SMEs, owners are relying on friends and family for financial support, placing immense pressure on these most precious relationships."
The Close Invoice Finance research showed that only one in twenty small firms currently believe that their bank loans would remain problem-free in 2009.
In 2008, this total stood at around 75 per cent.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-02-20 12:59:42 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Alliance & Leicester - Semi-Exclusive Personal Loan | ||||
 
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £402.86 | 8.0% | Fixed | £24,171.67 | |
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Representative example: based on a loan of £20000 Representative APR 8.0% Fixed. Total amount repayable £24,171.67 at £402.86 per month for 60 months. • Alliance & Leicester Personal Loans are provided by Santander UK plc |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £410.87 | 8.9% | Fixed | £24,652.44 | |
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Representative example: based on a loan of £20000 Representative APR 8.9% Fixed. Total amount repayable £24,652.44 at £410.87 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Norton Financial Services - Secured Loan | ||||
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Norton Financial Services
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £433.30 | 11.4% | Variable | £25,997.90 | |
|
Representative example: based on a loan of £20000 Representative APR 11.4% Variable. Total amount repayable £25,997.90 at £433.30 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Homeowner Loan | ||||
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|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £451.40 | 13.4% | Variable | £27,083.81 | |
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Representative example: based on a loan of £20000 Representative APR 13.4% Variable. Total amount repayable £27,083.81 at £451.40 per month for 60 months. UK Secured Homeowner Loan |
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