Business Loans - The Worst That Could Happen

Unexpected circumstances can create chaos with business loans, and commercial borrowers should be prepared in advance for these possibilities. This article describes two key problem areas involving business loans.
Comments on article "Business Loans - The Worst That Could Happen"
Name Views and CommentsDate
I A Sutton Dear Sir, the Commercial Loan Procedure for my business start-up was delayed up to 5-months when we were initially told it will take 5-weeks. Obviously, much had changed by this period and as a result of these changes, we were unable to trade. The bank failed to even provide us with a facility letter once they agreed to lend at the early stage and it wasn't until the end of the 5th month that they provided this letter. The failure of this document prevented us from consulting the terms & conditions of the agreement with our Solicitor. The BBA has the Statement of Principles regarding banking relationships with Businesses and the 'Facility letter' is about 'Getting things Right at the Start!' The bank failed in so many areas and was dismissive of ALL teh failings during our Complaint. Even the Ombudsman failed to address the case thoroughly and concluded that the bank was right! We are still struggling for redress in 2008. This all happened in late 2003 to 2004. The lack of REAL support in this area is a TRUE FAILING!! Any advice? 4/9/2008
Ivor Sutton Dear Sir, the Commercial Loan Procedure for my business start-up was delayed up to 5-months when we were initially told it will take 5-weeks. Obviously, much had changed by this period and as a result of these changes, we were unable to trade. The bank failed to even provide us with a facility letter once they agreed to lend at the early stage and it wasn't until the end of the 5th month that they provided this letter. The failure of this document prevented us from consulting the terms & conditions of the agreement with our Solicitor. The BBA has the Statement of Principles regarding banking relationships with Businesses and the 'Facility letter' is about 'Getting things Right at the Start!' The bank failed in so many areas and was dismissive of ALL teh failings during our Complaint. Even the Ombudsman failed to address the case thoroughly and concluded that the bank was right! We are still struggling for redress in 2008. This all happened in late 2003 to 2004. The lack of REAL support in this area is a TRUE FAILING!! Any advice? 4/9/2008
Use the feedback form below to submit your comments.
Your Comments:
Your Name:
Use the form below to email this article to your friends.
Recipient Email Address:
 Separate multiple email addresses by ;
Your Name:
Your Email Address: