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Showing posts from August, 2017

New Lending Standards Give SMEs More Stability

The Standards of Lending Practice was updated to give small to medium businesses much more security in July 2017. These standards have been adjusted to give small to medium businesses in North Wales and beyond peace of mind, stability and far better security – when before July 2017 these standards were only in place for the smallest of businesses which employed 4 people or less. Chartered Accountants North Wales and beyond have widely praised this new incentive, as evaluation of a borrower’s capacity to meet ongoing repayments is a vital safeguard against insurmountable debt and financial distress. Any business which has a turnover of less than £6.5million is applicable to enjoy this revision of the Standards of Lending Practice, and they are intended to help banks and other lenders meet their responsibility to clients and regulators by getting the big picture on a business's’ health. For instance, in the past, banks and other lenders were only required to look at a bu