As from today, SMEs – small and medium sized businesses to the uninitiated – (always thought ‘small’ is quaintly pejorative – so British) will be able to appeal if their bank turns down a loan request and have the decision reviewed by another lender – who has to reply within 30 days. Sounds good doesn’t it, but do the banks honestly believe that businesses will dare to question the decision of their bank manager? It will be either a very desperate or a very strong business that goes to appeal. Businessmen are only too aware that bank managers are a fickle bunch: appeal, and retribution will follow. This scheme is a nonsense. There are unlikely to be many businesses that want to play Banksters Bluff! Pity that the chairman of the CBI’s Smaller Firms Council has decided to be an ‘independent reviewer’ of the scheme…and agreed to be paid by the banks! Independent? I don’t think so. Silly fellow!
Let’s all play Banksters Bluff!
April 5, 2011 Leave a Comment