Recently we have had a number of enquiries from businesses that need help and advice because they have ended up in a banks specialist lending or intensive care unit. If a business has had a dip in performance thee banks take the opportunity to move the business to this specialist division of the bank. Whilst the business does not need to be a basket case the cynical amongst us might think that the banks are taking the opportunity to slap a load of unnecessary charges onto their customer. Any business having such an experience will know all too well that they use this as an opportunity to increase interest rates and charge monthly management fees. In deed many businesses don’t ever come out and allot will end up going into administration. If ever there was a case for not having too many eggs in ones basket!
For many years we have been advising customers not to have the same clearing bank which they use for invoice discounting or factoring and if at all possible to use a total separate financial institution for any commercial mortgages. Any business which has adopted this three pronged approach to banking and business finance will find themselves protected from the uncertainty of been exposed too much with one financial institution.
Any business finding themselves at the mercy at the banks can look at alternatives. They are out there and we know how to handle the banks. We have over 10 years experience in dealing in such matters and we will certainly be able to help and add value to your business.
