Times have been difficult for many over the last few years, and for the self employed more than any other sector.
Many small companies, in particular, have struggled to survive, and many failed in the attempt. Some smaller firms could have survived the recession if they had been in the position to obtain a self employed loan to give them the cash injection needed to keep trading.
Sometimes a few thousand pounds would have been all that was needed to prop up the trader and enable him to fulfill his orders, and come out at the end of the credit crunch, now thankfully behind us, with his business intact.
If the small trader had only been able to obtain a relatively small self employed loan or a remortgage, he could have emerged from the credit crisis in a healthier position ready to trade profitably once more when the economic clouds lifted.
Remortgages and self employed loans were curtailed more than any other lending in the course of the recession, and to some extent this is understandable, as after all it was the reckless lending of banks, building societies and commercial lenders that had virtually lead to the recession in the first place.
In the commercial sector, massive loans were given to entrepreneurs who would never afford to repay the credit so lavishly given to them.
Until the start of the recession, lenders were prepared to advance massive loans and especially to property developers and to people in the buy to let sectors who did not have the income to repay these huge loans.
Underwriting criteria became so strict that no self employed was eligible for a remortgage or a secured loan without concrete proof of income.
Self employed who could not prove their full net profit for whatever reason could neither get a secured loan or a remortgage.
People who have been self employed for under 12 months will not have accounts and therefore cannot obtain credit.
Self certifications were totally abolished, as one lender after another fell in the most undignified of fashions.
A secured loan lender has come back into the homeowner loans market and they are prepared to consider applicants who have only been trading for a minimum of six months and three months business bank statements are needed to show the earnings.