Witham: Banks still not passing on funds, claims businessman

Braintree and Witham Times: Witham: Banks still not passing on funds, claims businessman Witham: Banks still not passing on funds, claims businessman

A businessman who claims he was denied a loan by a Witham bank fears the Government’s Funding For Lending Scheme is still not helping those intended.

Staff at Barclays in Newland Street allegedly rejected Ian and Lynn Anderson’s request for a £50,000 loan as part of the scheme before even listening to their case.

Last month, the Funding For Lending Scheme was extended to 2015 and lenders offered extra incentives to back small and medium-sized businesses in an attempt to boost the ailing economy.

But the Andersons, who own and run Anderson Moffat International - an importing firm based at Little Braxted Hall - are concerned banks are still not passing on the funds.

Barclays have dismissed Mr Anderson’s claims.

A spokesman said: “At this stage we have not rejected Mr Anderson’s request for finance and have requested more details from him as to the financial health of his company. Thus far Mr Anderson has not provided these documents.”

He added: “We want to lend, lending is what we do, however it is our obligation to lend responsibly to businesses in order to help them grow.”

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5:13pm Sat 25 May 13

OMPITA [Intl] says...

I think Ian Anderson is being unfair in his apparent criticism of the bank for not simply ‘doshing out the cash’ that it would appear he seems to think is some sort of automatic right.

Spare cash for investment is a limited and precious national asset. Surely there can be nobody around right now with more than a couple of brain cells to rub together who isn’t fully cognisant of the need for the most careful assessment and management of the risk involved in providing such credit.

It does not appear to me that Anderson Moffat International is a limited company and if not I presume that there would be no financial data available for assessment purposes through Companies’ House.

Simply having little more than a passion for one’s own business is just not good enough and we must not get mixed up between ‘Dragons Den’ and the ‘Bank of England’ on this issue.

If I were a shareholder of the bank being approached I would be very unhappy if they just fronted up the cash willy-nilly for the (unnecessary?) expansion of another import business. Indeed having searched around to see what sort stuff is being traded my own personal view is that as a Nation we could well do without spending more of our hard earned cash on things like Luminous Wellies; and Disposable Cameras specially designed for Gay Weddings; Hen Parties and the like.

Do we really need to import that sort of stuff? I’m not convinced - and I fail to see how it is to the benefit of UK plc!

I would very much prefer to see any available funding being committed to the support of a Export Company. Surely that would be far more in the interest of the country at large!
I think Ian Anderson is being unfair in his apparent criticism of the bank for not simply ‘doshing out the cash’ that it would appear he seems to think is some sort of automatic right. Spare cash for investment is a limited and precious national asset. Surely there can be nobody around right now with more than a couple of brain cells to rub together who isn’t fully cognisant of the need for the most careful assessment and management of the risk involved in providing such credit. It does not appear to me that Anderson Moffat International is a limited company and if not I presume that there would be no financial data available for assessment purposes through Companies’ House. Simply having little more than a passion for one’s own business is just not good enough and we must not get mixed up between ‘Dragons Den’ and the ‘Bank of England’ on this issue. If I were a shareholder of the bank being approached I would be very unhappy if they just fronted up the cash willy-nilly for the (unnecessary?) expansion of another import business. Indeed having searched around to see what sort stuff is being traded my own personal view is that as a Nation we could well do without spending more of our hard earned cash on things like Luminous Wellies; and Disposable Cameras specially designed for Gay Weddings; Hen Parties and the like. Do we really need to import that sort of stuff? I’m not convinced - and I fail to see how it is to the benefit of UK plc! I would very much prefer to see any available funding being committed to the support of a Export Company. Surely that would be far more in the interest of the country at large! OMPITA [Intl]

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