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Banks must trust profitable SMEs, says franchise businessman on Tue 20th January, 2015
Banks should trust profitable SMEs rather than misleading them when it comes to loaning key funds, according to a former banker and current property maintenance entrepreneur.
Will Davies, Managing Director of aspect.co.uk, has said that RBS admitting to have mis-sold more than £2.3 billion of taxpayer-backed loans to small businesses since 2009 does not surprise him.
The scheme, the Enterprise Finance Guarantee, which RBS were accused of misleading SME owners, provides a 75 percent guarantee to lenders willing to support viable small businesses that lack the security to gain the bank loan. They admitted some of the 1,800 customers that signed up to the scheme were incorrectly told that the taxpayer guarantee was for their benefit, rather than for the bank.
Davies, who worked in Mergers and Acquisitions for seven years for Societe Generale before co-founding leading property maintenance firm, aspect.co.uk, has said he has seen companies struggle to get the crucial funds needed to develop their enterprises.
“RBS has done a lot of wrong but they are pulling themselves back due to the number of small to medium sized enterprises being created post-recession,” says Davies. “They are failing to identify which companies are best to qualify for their scheme”.
Last year, aspect.co.uk launched their Franchise scheme that helps young people to start a business of their own in the competitive property maintenance industry. As it stands, they have five franchisees that have received vital support from the banks. So much so, more young people have come to Davies with their business plans.
“We’re getting countless number of calls from young people with excellent business propositions that are going to take the property maintenance industry to the next level,” adds Davies.
“We have just been given a significant loan from HSBC to develop a larger office. Certain companies struggling for finance and have great potential, but are falling short due to the lack of trust”.
“HSBC know us and our profit capabilities. RBS needs to start trusting small businesses and to start doing that, they need to not mislead budding entrepreneurs”.
John Price, Hillgrove PR.
T. +44 (0) 20 3603 0366