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Graham Mulholland MD and Owner of Derby based epm: technology group has national exposure on BBC Breakfast News and 1 o’clock News and is asked, are banks open for business?
According to epm: technology, they were asked for real world experiences of dealing with banks through the Project Merlin, which was set out by the Government in 2009/10 to encourage banks to lend to SME’s, to kick start the economic recovery process.
Epm explain that Mulholland’s over riding message is “You must trust us and don’t measure the banks on lending offers made, measure the offers completed!”
Epm: technology say that they regularly stand up to beat the drum for manufacturing, in the Midlands but say its approach to the credit crunch has now unknowingly set it apart as an example. “We kept it simple” said Mulholland. “We looked at the banks in detail and asked four banks, the same four questions and had sixteen different answers. From that point it was clear to me where banks were.”
“We decided to work hard to clear all our loans, take out all our unnecessary costs and start to measure the business daily. Once we had figured out how to do this, we focused on our skill base and turned off customers who did not pay well or who zapped all our energy, then and only then, could we begin to plan for the future.”
“Our plan was to fill our bank as quickly as we could and invest in new equipment to increase our capacity, to ensure we would be post-recession ready. During all this we even paid, in some cases upfront with orders to some of our suppliers, to ensure we were keeping epm’s supply chain alive and well.”
Mulholland concluded It’s not rocket science, try to be excellent at what you do, don’t waste money, pay your bills promptly, be proud of what you do, work hard but most of all, if you can’t afford it, you can’t have it.”
“In my opinion it really is that simple, we must now move on from past painful mistakes caused by our credit fuelled culture, of the past ten or so years.”
“The government needs to step back and stop holding us up and let the manufacturing and engineering industry help to trade UK PLC out of trouble and finally, please Mr. Cameron, give us a fighting chance.”
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