BBA releases new entrepreneur statement
Dec 15 2008
The British Bankers Association (BBA) has released a new statement detailing how financial institutions will help small businesses and entrepreneurs.
A statement of principles has been published following consultation with the small business world and the Department of Business, Enterprise and Regulatory Reform.
The new guidelines are intended to help firms who are struggling in the current economic climate.
Angela Knight, chief executive of the BBA, says: 'The principles show that banks are committed to working with business customers to find ways of overcoming the difficulties they may face.'
The new principles focus on openness between the business and the financial institution and on early collaboration between the two.
Knight adds that good managers and responsible banks are beneficial to each company and the wider community.
The key changes in the principles, which were originally created in 1997, are that banks should discuss problems in person, aid companies in revising their business plans and forecasts and use business assets as security before using personal ones.
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