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We mis-sold taxpayer-backed loans to small businesses, confesses RBS | The Times
by CreditBorrow.com on January 17, 2015 in Debt News Camino Financial explains the two main occasions when a small business should raise debt to finance its operations.
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Federal Government Small Business Loan | Business Loans
An internal investigation at the lender has revealed serious failings in the way in which it used the Enterprise Finance Guarantee, a government scheme designed to boost lending to smaller companies. RBS said that it would conduct a full loan by loan review of its use of the EFG, which has provided more than 2.3 billion to businesses since it was launched in 2009, and added that any customers adversely affected by the mis-selling would be compensated. The issue is understood to have contributed to the Subscribe now To see the full article you need to subscribe Subscribe Login When The Times investigated allegations of Enterprise Finance Guarantee mis-selling last August, one of the most eye-catching cases was that of Clive May, the owner of a bricklaying business (James Hardy writes). He has been a vocal critic of Royal Bank of Scotland since NatWest suggested replacing much of his 245,000 overdraft with an EFG, sold on the basis that he would be liable for only 25 per cent of the debt if his company failed. In fact, the taxpayer-backed guarantee is for the lender, not the customer, who remains liable for the entire debt. However, correspondence sent to Mr May in September 2011 read: “Your liability to the bank would be 25 per cent of the EFG loan balance.” Mr May was released from his EFG liability after his vociferous public complaints, but he is seeking compensation. Behind the story:
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