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Tenet provides £1m cash support to advisers
16 August 2010
Tenet reported on Monday that it has provided more than £1m in financial support to its adviser firms. The majority of the cash been awarded for business development or to help fund acquisition opportunities but short-term help with cash-flow problems has also been made available where banks have been unwilling to assist. Tenet said that analysts have predicted that the ‘big five’ banks will report collective interim profits of around £8.5bn. Despite this, their flow of lending to small businesses shows no sign of a parallel improvement, according to Tenet. Keith Richards, distribution and development director at Tenet, said that Tenet is committed to using its financial strength to bridge some of the resultant funding gaps. He said: "Whilst it is pleasing to see the new coalition government putting some pressure on the banks, it is clear that there is going to be no overnight sea change. "Until such time as the restrictions are relaxed and the banks feel they can operate less cautiously, it is important that were are able to provide reassurance and offer a vital safety net for your clients, should they need it." Published by FTAdviser.com
