News Article

Bank Lending

‘British Exporters should be first in line for Government lending’ says leading entrepreneur

By CreditMan Friday, March 14, 2014

“Government backed schemes to provide much need finance for SME’s should favour proven or potential exporters. For the UK economy to accelerate its growth we need to sell more abroad and bring in new cash,” said Mr Sleater – who was a City banker before he created Cad & the Dandy.

“There are far too many parasitic businesses that don't actually add anything to our lives and don't have any real export potential,” he said.

“Banks aren’t, and haven’t been, lending to businesses and SME’s in particular. It’s a ‘Catch 22’ situation; the banks won’t lend until the situation improves and the situation will not improve until growing businesses can borrow money at sensible rates.”

“It’s vital that government creates a lending stream for business but at the moment there are no schemes which particularly support proven exporters; who are most important to our continued recovery,” said Mr Sleater, whose company exports to many countries including the Middle East and the USA.

Britain's chancellor George Osborne suffered a blow just days before the budget when it was announced that exports have fallen to the lowest rate in 18 months. It has been stated that the Eurozone’s slow recovery is one of the contributing factors towards this.

The weakness of the Eurozone, which is the UK’s biggest trading partner, has not helped exports and the strength of the pound makes British goods expensive elsewhere in the world.

During the three month period, exported goods net result fell 4% to £24.248 billion, their lowest level since June 2012. Therefore, the volume of goods exports in December fell by 3.8% in January and imports rose by 5.8%.

“By increasing exports the UK will create more employment at home and promote British products around the globe,” said Mr Sleater. “It’s all about quality of product; the world is ready to buy quality British products.”