70 firms are folding each day as the banks STILL refuse to lend

May 1st, 2012

FAKE NEWS for the Zionist agenda

By
Becky Barrow

PUBLISHED:

18:07 EST, 30 April 2012

|

UPDATED:

01:32 EST, 1 May 2012

Nearly 70 firms are collapsing every day, the largest number for two years, as banks continue to refuse to lend.

Researchers found that 2,112 businesses became insolvent in March, equal to 68 per day.

Nearly two-thirds of the victims were small firms employing between one and 50 staff, the sector worst hit by the country’s lending drought.

Nearly one in five firms that applied for an overdraft, or to renew an existing overdraft facility, were turned down, according to a report

It is the largest number of ‘business deaths’ since March 2010.

The figures, published yesterday by the financial information firm Experian, come days after official statistics revealed that Britain has plunged into its first double-dip recession since 1975.

In a report, Experian says four sectors of the economy – building and construction, leisure and hotels, non-food retailing and business services – dominate the list of failed firms.

Another report, from the research firm BDRC Continental, highlights the nightmare facing small firms that want to borrow money but cannot find a bank to help them. The report, based on interviews with 15,000 bosses, is the largest investigation into small firms and their relationships with the banks conducted in this country.

It found that exactly a third of small firms did not get the loan that they requested last year.

The situation was particularly acute in the North East, which has a 46 per cent rejection rate, the West Midlands, at 47 per cent, and the South West, at 41 per cent.

Official statistics revealed that Britain has plunged into its first double-dip recession since 1975

The report also found that nearly one in five firms that applied for an overdraft, or to renew an existing overdraft facility, were turned down.

The figures raise questions about claims by the banks that they accept around 80 per cent of applications, and that business lending is falling only because many small firms do not want to borrow.

In July 2010, the Daily Mail launched its Make the Banks Lend campaign to highlight the problems facing small firms in their struggle to get money.

The biggest blow in the BDRC Continental report is its finding that, at a time when unemployment has hit 2.65million, the majority of small firms are not planning to grow.

They were given options, such as ‘plan to grow substantially’, ‘grow moderately’, ‘stay the same size’, ‘become smaller’ and ‘plan to sell, pass on or close’.

In all regions, except London and the South West, most firms were not planning to grow.

Lord Oakeshott, a leading Lib Dem peer, said: ‘Small business lending figures are simply horrific. The banks keep charging more and lending less to SMEs (small and medium-sized enterprises). Why can’t the Treasury see that the economy and jobs can’t motor while they let the banks keep siphoning the petrol out of small businesses’ tanks?’

MPs warned recently that small firms are facing ‘serious and often insurmountable problems’ in getting money from banks at a ‘reasonable’ rate.

The report, from the influential Treasury Committee, also raised serious doubts about the Government’s latest attempt to give a financial lifeline to small firms.

MPs were ‘concerned’ the National Loan Guarantee Scheme ‘was not designed to solve the problem that many small firms, who may be reasonable credit risks, are unable to access bank funding at all in the current market conditions’.

The scheme involves the Government guaranteeing up to £20billion of loans to small firms at a lower rate than they could normally obtain. The money would be handed out by banks.

Its previous scheme, codenamed Project Merlin, failed to hit its target. Banks promised to lend £76billion to small firms, but managed only £74.9billion.

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Maybe those bank bosses’ perks and bonuses should be divided up between the people who will lose their jobs, since the taxpayer has already bailed out the banks and should not have to pay again – this time for benefits

– sandy, outer space – thank God!, 01/5/2012 10:36

No surprise here. The banks don’t lend, companies go bust. Banks still make money by sending in the bailiffs on the failed companies. WIn win win for the banks.

– Big Al In exile, Bayern, Germany, 01/5/2012 10:34

Maybe we should call in the money we loaned to the banks….

– Matt, Viva Bas Vegas, 01/5/2012 10:32

Talk about having your cake and eating it.
They are not advancing loans to small business’s, but now want to increase the interest rates on morgatagesagain to the make the homeowners suffer more, but still manage to pay these enormous bonuses to their directors on the banks performances, the tails certainly wagging the dog !! Wake up before there is nothing left of this economy.

– G.Brannan, Bristol, 01/5/2012 10:30

I applied for a overdraft and was on the phone for 90 mins, I was then told a decision would be given within 48hrs, I was told no, banks and Mp’s aren’t they for us.

– Andrew, Loughton, 01/5/2012 10:30

Please everyone, look around at the business’s in your area. They are all struggling. Make an effort, spend with them. If you lose them they’re gone. Then it will be Tesco, for food, insurance, car repairs and god knows what else.
Also if you make a point in cutting back the downward spiral will continue, and that money you’ve saved will be worth not 1p. Don’t think you won’t be affected, we all need each others incomes to keep the world turning. A small business free area would be a “Ghetto”

– JAYNE, TORQUAY, 01/5/2012 10:26

This is only half the story – many small businesses now choose not to use banks for these services. Having been ‘burnt ‘by the banks once, with expensive loans / overdrafts, they will now no longer go anywhere near them.
So – those businesses which have survived / thrived, having paid up their expensive loans / overdrafts, will no longer use the banks for such purposes – how ironic, because these are the very businesses that the banks would choose to offer these services to – sunny weather / umbrellas, and all that !!!!!!

– Phil , Lincoln, 01/5/2012 10:20

They haven’t got any money to lend – it’s all gone on bonuses for their Directors and CEOs!

– SUSAN, OLDHAM, 01/5/2012 10:12

Whose Money is it anyway ?

– Louis Kasatkin, Wakefield,Yorkshire, 01/5/2012 10:11

So when the Banks have lent ‘your’ savings to a bunch of ‘no hopers’ who go ‘tts up’ and there is nothing left in the pot for your own use you are happy ?

– PETER, DEESIDE, 01/5/2012 10:10

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