Home > Uncategorized > What next for banks and SMEs?

What next for banks and SMEs?

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A business partner of mine recently visited a big four bank with the intention of setting up an account for one of his enterprises. He was bluntly told that all the “business managers had been sacked” and “heres a number to call”

This is not unique amongst the the so called leading institutions and the overall impression is that they see small to medium banking as nothing more than a nuisance. Various government initiatives such as Project Merlin and EFG loans appear to have had little effect

The disconnect between those that run businesses and the banks is disturbingly vast. Earlier this year myself and a client suffered a lecture from an arrogant banker about “risking their money” and how businesses need to do this and that to manage their affairs. This was, to put it mildly, completely unacceptable from a failed institution that had to be bailed out by the taxpayer.

There is a feeling amongst businesses that enough is enough. SME’s drive the economy and they are entitled to support.

But its also up to the SME’s themselves to understand that there is a much bigger market out there than the high street lenders. They employ the biggest proportion of the uk’s workforce and have to produce positive results to survive. No one throws them a lifejacket when they fail

That also applies to their advisors. Finding the right financial support can be the difference between making and breaking an enterprise.

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