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Lloyds Bank misses targets

The economy is taking a long time to re-boot, and because of this Lloyd’s Bank has joined the Royal Bank of Scotland in missing its targets. Some would like to blame the Eurozone Crisis on the UK’s Economy, but we can only use that as part of the excuse.

It all adds up to consumers and businesses feeling the pinch and therefore cutting back on spending which affects consumption and the flow of money into the economy. The horrifying truth is that the UK has accumulated debt up to 4 times the amount of value we produce as a country every year.

Some would say its the Banks that we need to blame for the lack of funding given to businesses so they can grow, but as we’ve mentioned before, some have been hitting the Project Merlin targets set by the government. Its a never ending circle and small to medium businesses are starved of any credit which would allow them to grow and proceed business as usual.

But why do the SME’s feel that its only the banks that will lend them money when there are other methods of funding available, which in essence are a lot simpler then hoping your bank manager will say yes to a business loan.

Here at Select Factoring, we know our services are a strong and reliable way of gaining credit, yet so many businesses in the UK know nothing about factoring or invoice financing. In fact only 25% of SME’s have used Factoring services so the 75% need a bit of education into why this would not only be a better way of gaining funding but could also help boost the UK economy and allow businesses to grow and flourish, even to the point where they are exporting products to international companies.

Unfortunately Select Factoring can’t achieve world dominance on its own, so its just a case of blogging about our great services and keeping our fingers crossed.

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