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Failed Entrepreneurs Must ’Try Again’ To Help Revive The Economy


Birmingham, UK, March 16th 2009: Caspian Business Solutions reports a 40% increase in the number of new applications for its Adverse Credit Guaranteed Business Bank Accounts so far this quarter compared to the same period last year from previously failed entrepreneurs who are being encouraged to help revive the UK economy.

With the Enterprise act of 2002 guidelines to ’allow automatic discharge of nearly all bankrupts after a maximum of 12 months’, and some as soon as 8 months from bankruptcy, Chris Laing, Managing Director of Caspian Business Solutions stated that ’there was still too much red tape hindering the formation of new companies for people who had experienced a business failure in the past, but it is getting better and failed entrepreneurs can start again.’

Chris Laing also stated that ’in the UK, business failure was previously deemed as life long by many major institutions, notably the banks, but now, like other countries, namely the USA, we are looking to these failed entrepreneurs and looking for them to take the leap of faith a second time to help revive the flagging economy and create new businesses and more jobs.’

’It is encouraging that a number of the main high street banks are addressing business funding, particularly in the SME sector (source Experian Feb 2008), but many are turning down clients with previous adverse credit for even a basic business bank account without even considering each application on a case by case basis where the client is not seeking any form of finance. This must change and back to basics local business bank management must be revisited.’

Launched at the start of 2008 by businessman Chris Laing (a serial entrepreneur who has created and operated numerous online and offline businesses) Caspian Business Solutions provides Guaranteed Business Bank Accounts and Small Business Finance to Personal and Business clients with adverse credit.


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