See attached article highlighting how out of touch our senior politicians are.
We look after REAL small businesses run by hardworking people. They need innovative help to get over the coronavirus disruption, and the banks have demonstrated, yet again, how unimaginative their own ideas are, and how out of touch they are.
How about lending directly linked to levels of activity up to 29.2.2020, via VAT returns to help make quick lending decisions?
If the banks cling on to the old ways of lending based on 150% property security as the only basis for lending, there are going to be a lot of small businesses giving up the unequal fight.
Indeed our own advice to small hospitality businesses when this disaster started in March 2020, was to seriously consider cessation and then restart once the virus smog had cleared.
Even the simple Bounce Back Loan scheme has been badly run, and banks defaulting to asking for the money back from June 2021 when even the restrictions have not been ended is ridiculous.