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Small firms hit by 4% rise in loan rates
Small businesses have been hit by more expensive loans after Barclays increased overdraft rates for some customers from 11.8% to 15.8%.
"These are tough times but small businesses need their banks," commented Stephen Alambritis of the Federation of Small Businesses.
"We are worried that the relationship between small companies and banks could deteriorate as they did during the recession of the late 1990s."
There are concerns that other leading banks will follow Barclays' lead and increase their loan rates accordingly.
Barclays commented that only a limited number of their small business customers experienced the 4% increase and that this is the bank's first rate increase in three years.
Post Date: October 8th, 2008
"These are tough times but small businesses need their banks," commented Stephen Alambritis of the Federation of Small Businesses.
"We are worried that the relationship between small companies and banks could deteriorate as they did during the recession of the late 1990s."
There are concerns that other leading banks will follow Barclays' lead and increase their loan rates accordingly.
Barclays commented that only a limited number of their small business customers experienced the 4% increase and that this is the bank's first rate increase in three years.
Post Date: October 8th, 2008
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