Positioning statement in response to current credit crunch

“The big difficulty for businesses in the current credit squeeze is that good money managers are paying the price for banks over-lending to bad debtors. On both sides of the Atlantic there has been a lack of stringent checks by banks, with them being all too keen to finance both businesses and individuals with little regard to affordability. Those prudent businesses and individuals that have always operated sensibly are now suffering as a result.

“The Practice Loan Company has always been able to offer those in professional services a viable alternative to business loans from banks. Our checks have always been stringent, but in the prevailing financial conditions we are urging those businesses that manage their financial loans well to come forward and examine our alternative forms of lending.

“We are mindful that those that are a credit risk are continuing to apply for a financial loan and our due diligence will ensure that these are highlighted. But we are keen to emphasise that those businesses that have always managed their finances responsibly should be able to secure a professional loan quickly and easily through us to help finance their business for the future.”

Charles Meynell, The Practice Loan Company