Cashflow So Slow despite Bail-Outs; FINANCE: City Firms Still Finding It Tough to Access Money from Banks

Coventry Evening Telegraph (England), July 2, 2009 | Go to article overview

Cashflow So Slow despite Bail-Outs; FINANCE: City Firms Still Finding It Tough to Access Money from Banks


Byline: Jenny Waddington

FIRMS in Coventry and Warwickshire say many of their banks have not made trading conditions easier for them since the turn of the year.

Despite the Government bail-out of several banks and its vow to get them lending again, 71 per cent of local companies say lending conditions have remained the same or become tougher in 2009.

The information has emerged from a survey of more than 50 companies in the Coventry and Warwickshire area by the Chamber of Commerce.

Of those businesses, 42 per cent had seen a rise in charges with just four per cent reporting a drop.

The figures come on the back of statistics from the British Chambers of Commerce where just six per cent of companies said they felt access to finance had improved.

Graham Aylott, policy officer of the Chamber, said: "The statistics highlight the fact that while several banks have been bailed out by the Government, many of our members have not felt any improvement in being able to access finance.

"Of course, there are always exceptions to the rule and some banks have received praise in our survey.

"But behind the figures there are very real and personal stories surrounding businesses that are struggling and need assistance from their banks. …

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