How to Escape the High Interest Business Loan Trap with SME Champion Steve Waud
"Absolute tosh!” Our very own Steve Waud doesn't hold back on trickle down economics, but is one of the most passionate advocates for the trickle up effect of growing and supporting small businesses.
He covers launching BEF 21 years ago, initially as an 18-month project and his own journey from apprentice engineer to commercially-savvy business developer to CEO of BEF.
"I knew what it was like to go to banks and ask for money," says Steve, who is characteristically forthright about the new breed of 'alternative' high-interest short-term loan firms which, he says, are "bleeding SMEs dry."
Steve gives a horrifying example about a business which was paying £28k every month to a short-term lender – but now, after refinancing with BEF, is paying just £2.5k each month.
Play or download it here. You can also find it in Spotify, Amazon Music, Apple Podcasts, and many other podcast apps:
Steve also covers:
• The impact of banks such as Lloyds working with community development finance institutions (CDFIs) like BEF, building on Unity Trust Bank's and Triodos' long-term support for the CDFI sector.
• Three important tenets for a successful and empowering leader.
• Why he is inspired by Robinson Crusoe and other social reformers, his musical adventures and his five degrees.
What next?
Struggling with high interest short-term debt? See how much you can save here: BEF | Refinance Your Short-term Loan | Free Up Cashflow