Britain's biggest banks are demanding that directors of small businesses put up their own homes as security to obtain basic credit facilities, The Times has learnt.
MPs have been inundated with pleas from entrepreneurs to step in and demand to know why the cost of securing ordinary borrowing facilities has soared and why lenders are insisting that directors offer their homes as security for renewing a corporate overdraft.
Evidence of new punitive lending terms comes amid a row over whether Britain's banks, which have been bailed out by or have received significant assistance from the taxpayer, are hoarding capital to shore up their balance sheets instead of passing on funds to help small businesses.
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Banks hoarding bailout money? No, Never!!!
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