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If you are a small business owner you are probably quite hopeful about the future prospects of your venture, but many are still finding it tough to get hold of credit from the banks.

Actually, an overwhelming 77% of respondents to the Federation of Private Business's latest quarterly survey reported seeing the terms and conditions of lending deteriorate over the course of the last year, with many being forced to provide more security to cover their current levels of lending. Of those surveyed, 65% said it was harder to access finance for growth, while 68% said the cost of finance had increased.

When asked how the issue of finance could be improved, 36% of small business-owners said they wanted to see a reduction in the cost of lending. And 27% said greater flexibility in negotiating and adapting terms and conditions to meet the changing needs of their businesses would be welcome.

Matt Goodman, policy representative for the FPB says: "Our members are telling us that the banks are dragging their heels and driving up prices when it comes to lending to small businesses."

Banks are never easy to deal with, and now, in the middle of the toughest recession in 70 years, they can be downright impossible. Meetings with bank managers can be painful and the letters and demands will just keep coming through your business's door. Small business owners are just not as welcome as they used to be.

That why you need to talk to an intermediary. It's their job to deal with banks, it's what they are good at. If you come to them for self certified or self employed finance they can do all the leg work for you – negotiate with the banks, help you with the confusing paperwork and even find you some good protection products to go alongside your loan.

SOURCE: FPB, 09/10/09

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