Banks have been asking small businesses either for personal guarantees to qualify for the government Corona-virus Business Interruption Loan or directing them towards standard loans with high interest rates.
Has your business and life been turned upside-down in the last few week as a result of no customers, no income, no clear signs when it will all end as a result of the lock-down? Have you tried to get access to support from your bank to help you over the short term as a result of the crisis? Has your business had to fold or will it fold before a solution is found for corona-virus without some sort of financial cash injection?
The government have been quick to react to save jobs and prop up the economy and to try and ensure that there is some sort of future once this is all over, yes some small businesses will fall through the cracks and many may not survive.
Bank Loans and Grants
Many small businesses don’t need huge bank loan or grants just enough to get them through the next few months, the government is now offering 100% guarantees for these loans and they will be paying the first 12 months interest – will the banks now step up and support the people that form the backbone of the UK economy?
It’s now time for the BANKS to do the right thing for our small businesses
If your bank is not offering support or help and advice during these difficult times complain to your MP and the banks as its the only way they can be held accountable for their actions.