Times have been difficult for many over the last few years, and for the self employed more than any other sector.
Many small companies, in particular, have struggled to survive, and many failed in the attempt. Some smaller firms could have survived the recession if they had been in the position to obtain a self employed loan to give them the cash injection needed to keep trading.
Sometimes a few thousand pounds would have been all that was needed to prop up the trader and enable him to fulfill his orders, and come out at the end of the credit crunch, now thankfully behind us, with his business intact.
If the small trader had only been able to obtain a relatively small self employed loan or a remortgage, he could have emerged from the credit crisis in a healthier position ready to trade profitably once more when the economic clouds lifted.
Remortgages and self employed loans were curtailed more than any other lending in the course of the recession, and to some extent this is understandable, as after all it was the reckless lending of banks, building societies and commercial lenders that had virtually lead to the recession in the first place. Read the rest of this entry »