The banks are at it again! There is growing evidence that small businesses are being steered away from The Government’s Enterprise Finance Scheme and into loans that gave the banks fatter profits. Don’t just take our word for this – a report from the all party Business and Enterprise Committee also says so!

So far £400 has been offered under the Enterprise Finance Scheme to over 4,000 businesses. But the report shows that banks have not always offered the scheme but instead pushed their business clients into loan deals at higher interest rates. There was also evidence that banks were also insisting that business owners provide their home as security. If the business had a EFS loan the bank would receive qualified guarantees and their homes would not be needed as security.

If you have first hand experience of your bank acting like this, the Business and Enterprise Committee wants to hear from you. The Committee wants you to write to them before 12th October this year describing your experience.