How the Banks Screw Small Business with a Smile!

hypermania2080200054.jpg‘Darling Brown’ – I love calling them that – are telling us everyday how much they are working to help small business to get finance and get the banks back to lending. With Bank Bail-Out 2.0 under way, we the taxpayers are continuously bailing these guys out, to the detriment of pensions, our currency, house-prices, lost jobs, economic down turn and so on and on. In other words we, the tax-payers are being very nice to all these bankers who got us all into trouble.

Every-time Darling Brown open their mouth, money falls out, our money and lots of it.

Even more surprising our state has obviously granted total immunity to our beloved bankers for their recklessness, greed and stupidity. Of cause if we, the small business people in this country, did anything only remotely similar, we would be in jail – we won’t even mention any bail-outs.

Alarmingly our favorite bankers still have not been helped enough, as many of my clients report they are being asked to pay double the interest on their overdrafts/loans as before. For instance where clients payed 2% over base rate for their loans, Barclays Bank PLC now asks for 4% over base on renewal of facilities, but kindly offer not to increase the facility fee.

Small business can not get any credit, and if it can the interest payable has been doubled. What I do not understand how exactly this is going to help small business. I always thought that the interest rate cuts by the Bank of England, was to help small business and consumers to stay afloat and get this economy back onto its feet?

The interest rate cuts only help the banks nobody else – and that, is a disgrace. — ST.

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