It seems perverse that the main banks are calling in overdrafts or imposing arbitary credit limits for say an invoice factoring facility on businesses that are growing. This is despite being rescued by the taxpayer (some of them at least), on the condition that they lend “normally”, whatever that means.
In fact one of those rescued banks has in fact withdrawn a commercial loan offer for a MBO at the very last moment due to “market conditions”. This is for a business that should trade well and actually grow in the hard times that face us.
Yes, there are in fact many companies that will grow even during a recession! It’s perhaps too early in the rescue process to pass judgement on the banks, so let’s hope they don’t make things much worse than they need to be!
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