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| SMEs 'struggling due to lack of financial backing' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Monday, 13 September 2010 00:00 |
 Many small and medium-sized enterprises (SMEs), as well as larger firms in the City of London and the rest of the UK, are facing financial difficulties in the aftermath of the recession.That is according to Chris Baguley, managing director of Bridging Finance Limited, who said that despite "apparent improvements over recent months", organisations are being forced to deal with tough fiscal issues due to the ongoing effects of the downturn. "Businesses are still finding their resources stretched as they experience continued difficulties in securing the backing of traditional lenders," he explained. Mr Baguley's comments came after Steve Pateman, head of Santander UK corporate and commercial banking, told MPs last week that rigid rules imposed by the Financial Services Authority are stunting business growth in Britain through not allowing banks to lend freely. The Bridging Finance official added that even companies with a positive cash flow are being affected by this "barrier to growth". Posted by Daniel Frost 
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