Over the past few years I have seen a few dentists who are being forced into financial situations that are making survival harder with relatively short-term loans that were taken out at “tight” times and their banks declining to support them further by rescheduling the debts over a longer term. Instead of being able to breathe and grow their businesses they are constantly having act in the short term, thus significantly increasing the stress in their lives. Mike Cherry’s words struck a chord, as it isn’t only Dentists who have these problems.
“Despite being a decade on from the crash, we still have this dangerous combination of weak appetite for, and low awareness of, alternative finance options, high borrowing costs and inadequate support for small firms that are turned down by banks.”
Mike Cherry, National Chairman of the Federation of Small Businesses, commenting on research which suggests that UK economic growth is being ‘restricted’ by limited access to alternative finance options for small firms.
As one of the founders of PG&T, that wonderful true gentleman, Ted Price (may he rest in peace) said when he dressed down the Area Director of my bankers in 1992 after they threatened to bankrupt me when my debts ran as high as £42K (less than the cheapest one bedroom flat on the local housing development), “you lot (ie Bankers) can’t lend money to the likes of Robert Maxwell and expect this young man (sic) to bale you out!”