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FPB Member Speaks Out

Sarah Bean - Thursday 29.16.09, 10:09am

According to a recent report from the FPB, one of their members said: “I used to count my bank manager as a personal friend, but now I don’t even know who he or she is – the only contact I really have with my bank is generally of the negative variety. It’s almost as though there’s a cold war between many banks and small businesses.

“I’ve heard anecdotal accounts of business owners avoiding all contact with their banks because they think it will only serve to disadvantage them. They think that, by getting in touch with their bank, they will up their chance of having their overdraft reduced or interest rates increased.

“Putting in place an intermediary of some sort will surely help to resolve some of this and allow business people to ask things and get things clarified, without fear of repercussions. The banks should pledge their support without delay.”

There is a real alternative for the owner managed business seeking finance: invoice discounting can provide the working capital and cash flow that many small businesses need to survive and thrive.

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Tags: Banking · FPB · Invoice Discounting · SME · Small Business · sme invoice finance

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1 comment so far

  • 1 Smart Factoring Quotes // Oct 31, 2014 at 7:43 am

    A major issue within the banks is a lack of decision makers. The bottom line is bank managers are just sales people.Also most banks encourage emp[loyees to change jobs every 2 years.

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