I was reading an article in the sunday papers about an undercover journalist who had approached the high street banks with a business plan. He was requesting a \u00a33,000 overdraft facility for a retail jewellery business.<\/p>\n
His complaint was that all the lenders had declined the overdraft but some had offered a credit card with a \u00a33,000 limit. He did however advise that Lloyds TSB had asked him to consider an invoice finance facility.<\/p>\n
This is clearly inappropriate as he\u00a0has a retail business selling on a cash basis to the general public.<\/p>\n
Unfortunately, this highlights a common issue. The front line staff in many banks are not particularly well educated or well trained. However, they are targeted to sell products they simply do not understand.<\/p>\n
Business owners can end up with facilities they do not really want or poorly structured facilities that are not fit for purpose.<\/p>\n
Unfortunately, this can give the industry a bad name.<\/p>\n","protected":false},"excerpt":{"rendered":"
I was reading an article in the sunday papers about an undercover journalist who had approached the high street banks with a business plan. He was requesting a \u00a33,000 overdraft facility for a retail jewellery business. His complaint was that … Continue reading