By Jonathan Moules
Frustration with the lack of credit being made available by high street banks is pushing some entrepreneurs to seek loans from wealthy individuals.
Sums of up to £3m are being sought by business owners, who desperately need funds to provide working capital.
Darryl Mattocks, a serial entrepreneur who started one of the UK’s first online retailers, is seeking £1.25m for his latest business, Bye Bye Standby, which sells green products and services.
He is looking at private lending after being turned down by four high street banks for loans backed by the government’s Enterprise Finance Guarantee scheme. (more)
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