Tuesday, 31 March 2009

Rogues' Charter

Sent to me by email (name withheld at sender's request):

I have a small business, I contacted Business Link before Christmas about these loans for businesses Mandleson talks about. Initially my advisor said there was lots of talk by politicians but no one knew what was going on. This was some two months after the announcements.

A few weeks ago I got in touch again on the same subject. Yes, unsecured loans were available under the govt. scheme but the interest rate was a staggering 16%! My advisor suggested my existing bank was a better bet, I contacted them and they had no problems with a loan at base + 4%, however I would have to stand surety.

This suggests to me that a dodgy dishonest businessman could take one of these govt sponsored loans, pay off existing secured debt, pay himself out as much cash as possible and let the company go bust, leaving these debts behind. The mind boggles at the stupidity shown.

I put this to my advisor, he admitted it was a rogues' charter, put together by clueless people who have never run a business in their lives. Some Business Link people realise it's just another quick fix that's destined to blow up in the future.


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