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Banks must turn the credit taps back on, and quickly | The Commercial Finance Blog

Banks must turn the credit taps back on, and quickly

by LJ Miehe on March 2, 2009

The credit crisis is squeezing the life out of small business. How do I know? Well I’m the chief executive of the National Association of Commercial Finance Brokers, and my members raise capital for job-creating entrepreneurs who do not have access to the money markets.

In the past 18 months I have seen the pool of available cash dwindle as the folly of our major lenders has been revealed in all its gory detail.

 Every summer I ask our brokers about the business they have written. In 2007 NACFB members introduced £19.3billion of business to lenders, last year this had fallen to £15.4billion – despite a 9 per cent increase of membership.

Because the period of this survey began before the crunch really started to bite, figures are probably better than they could have been.

In this year’s survey I predict business written will collapse from its peak by 75 per cent to around £5billion. In fact by the end of 2008 it appeared there were no funds available at all for commercial lending.

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