SME’s, the lifeblood of our society, which are the main employers in the UK, are being strangled by the credit drought. Banks on the whole don’t want to lend to these enterprises but in the rare cases where they do, they charge them extortionate rates. What can be done to safeguard and support these once profitable companies who like most of us are going through a difficult time? The answer is look to the continent! In France, local governments employ ‘credit mediators’ who make sure banks lend to small to medium sized companies and at fair rates. If we had a similar framework in the UK, we would see fewer business failures, lower unemployment and a more robust commercial property market.
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