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An invitation to fraud?
"the legislation now requires banks to pass on details of small and medium-sized enterprises they decline for a loan to online platforms which can help match them with alternative finance providers."
That would put me off even applying, knowing that the fact that I am looking for funding might end up on the internet, for all to see, and thereby generating loads of phone calls from people out to rip me off. (All cold calls ar out to rip you off)
Cold Calling
" All cold calls are out to rip you off " really ? I thought this site was for open minded professional people
Re Cold Calling
Well I've only been answering calls at businesses for 40 years, so I suppose I could have missed one that wasn't. Cold calls are something that I very rapidly stopped being open minded about.
But the main point is that, from the report above, this government has decided that something that should be confidential between you and your bank will now be put out into the public domain.
Small Business Act
Usually taken as less than 250 employees, but
" 33 Definitions of small and micro business
(1) This section applies where any subordinate legislation made by a Miniser
the Crown (the “underlying provision”)—
(a) uses the term “small business” or “micro business”, and
(b) defines that term by reference to this section.
(2) In the underlying provision “small business” means an undertaking other
a micro business (see subsection (3)) which meets the following conditions
(“the small business size conditions”)—
(a) it has a headcount of staff of less than 50, and
(b) it has—
(i) a turnover, or
(ii) a balance sheet total,
of an amount less than or equal to the small business threshold."
Consistency?
SMALL BUSINESS ACT
Not having read the provisions of the Act relating to the problem of late payments to suppliers by the major Companies responsible for most of the trouble, anything that helps to alleviate the problems caused by such late payment terms can only be helpful. Otherwise it would appear that Commercial Law practices can look forward to increased fees.
The Small Business Act
Thanks for bringing The Small Business Act update to us. If any one is looking for business solicitors in Cardiff, visit my profile.