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Companies Told to Ask for Loans from Banks as Cameron Urges Banks to Lend More to Firms

At the beginning of the year small firms were asked to take a more active approach when trying to acquire finance from the banks, as many companies won't bother to try and get money from banks as they are expecting to be rejected straight away.

 
Sept. 15, 2011 - PRLog -- At the beginning of the year small firms were asked to take a more active approach when trying to acquire finance from the banks, as many companies won't bother to try and get money from banks as they are expecting to be rejected straight away.

“Figures showed that lending to firms between September and November of last year fell by £5billion,” said James Jones from Poor Credit Loans 4 You.    http://www.poor-credit-loans-4-you.co.uk/poor-credit-loans-for-poor-credit-loan-poor-credit-rating-loans-with-poor-credit-loans.html

At the beginning of the year “Project Merlin” was put into action, this was a deal that was set up at the beginning of the year by the government and banks to do various things, one of which was to lend £190 billion to firms and in exchange the government would not impose new bank taxes.

The banks claimed to have lent over £100 billion to UK businesses in the first half of the year, so if they carry on they should easily reach the target.

However, opposition Labour Party said the lending targets themselves were not enough.

“The weak and toothless small business lending targets have so far been missed,” said Shadow Treasury Minister, Chris Lesley.

Project Merlin is made up of the big four banks (HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group).

Along with increasing lending to businesses it also ensures that total bonuses for UK based staff will be lower than in 2010.

“Many people believe that bankers earn massive amounts more than they should be, so it is a popular decision for bonuses to be reduced and Project Merlin not only does that but also makes the banks pay systems more transparent," said James Jones from Poor Credit Loans 4 You.    http://www.poor-credit-loans-4-you.co.uk/poor-credit-loan...

The pay of the five highest paid executives below board level will be made public, however although their pay will be revealed, their names will not have to be revealed.

As well as this, the pay of the 10 highest-paid people in each division at the banks will have to be signed off by the remuneration committees at the banks.

In May David Cameron suggested he would regard any reneging on the lending agreement as a personal betrayal and that it could bring a return to ‘war’ between the city and politicians.

Adam Marshall, policy director of the British Chambers of Commerce said: ‘Many firms assume they are likely to have funding requests rejected so they do not apply in the first place. Yet they must be confident and make plans for growth and development if the economy is to fully recover.

‘We expect that small businesses will receive a fairer hearing from banks now than they have in the past two year. This is because banks are more sensitive to the needs of firms, in part due to the pressure on them to lend.'

A spokesperson for the Banks stated: “The first half-year performance demonstrates the banks’ commitment to providing businesses with the financial support they need to invest and grow".

The banks claim that the economic environment remained “challenging” with “weak” demand for credit from the companies.

“Despite all this pressure on the banks to lend, many firms are reluctant to ask banks assuming they will be rejected, however you may not be and you may get the finance you need,” said James Jones from Poor Credit Loans 4 You.

Poor Credit Loans 4 You helps out people who fear they have been blacklisted because of past poor credit history which could include CCJ’s and defaults, arrears, late credit card payments or repossession.

Poor Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading.

Poor Credit Loans 4 You is also covered by the Financial Ombudsman.

Poor Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.

For help, phone 0800 215 5860
Or:   http://www.poor-credit-loans-4-you.co.uk/ccj-loans-for-po...

~Ends~

Notes for Editor:
Loans 4 You of London Ltd
Innovation Centre
Monks Brook
PO30 5WB
United Kingdom

Tel: Free Phone 0800 215 5860

Poor Credit Loans 4 You was formed in order to ensure people with poor credit had access to specialist help in securing the poor credit loans they need.

From its UK head office in Monks Brook, Loans 4 You operates across Britain, sourcing poor credit loans for people with poor credit.

Poor Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading.

Poor Credit Loans 4 You is also covered by the Financial Ombudsman.

Poor Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.

# # #

Poor Credit Loans 4 You is a top UK specialist for Poor Credit Loans for people from all over the UK.

Its wealth of experience in the Poor Credit Loan industry means it gets the best deals for people seeking a poor credit loan.

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Source:Poor Credit Loans 4 You
Phone:0800 215 5860
Zip:PO30 5WB
Location:Monks Brook - Hampshire - United Kingdom
Industry:Finance, Banking
Tags:Project Merlin, Banks, Small Businesses, Small Business Loans, Financial Support
Last Updated:Sep 27, 2011
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