Tenet bailing-out adviser firms abandoned by banks

clock • 1 min read

Tenet is stepping in to bail-out adviser firms that have been let down by "unsympathetic or unwilling" banks.

The network has revealed it has provided more than £1m in financial support to its adviser firms.

It says although the majority has been awarded for business development or to help fund acquisition opportunities, short-term help with cash-flow problems has also been made available where banks have been unsympathetic or unwilling to assist.

It also notes that analysts have predicted the ‘big five' banks will report collective interim profits of around £8.5bn, but says despite such an impressive upturn, their flow of lending to small businesses shows no sign of a parallel improvement.

Keith Richards, distribution & development director, explains that Tenet is committed to using its financial strength to bridge some of the resultant funding gaps.

"Whilst it is pleasing to see the new coalition government putting pressure on the banks, it is clear that there is going to be no overnight sea change," he says.

"Until such time as the restrictions are relaxed and the banks feel they can operate less cautiously, it is important that we are able to provide reassurance and offer a vital safety net for our clients, should they need it.

"This is a crucial time for our sector and a lot of firms require investment capital to develop their businesses, or cash flow facilities to help them work their way out of the tough trading environment we still find ourselves in," he adds.

 

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