Mr. Maurice McMonagle:

I will address that question as well. In the early days we made the mistake, or otherwise, of not having an overdraft from our bank. We operated on a prudent basis and grew the business probably more slowly than we could have if we had had an overdraft. The irony of it was that when the business started to grow and we needed to get an overdraft, the bank would not give it to us, and there was plenty of cashflow. All it would say was that it wanted us to take a term loan and turn that into an overdraft. That did not really suit our business. It seems the banks have a pot of money to give in overdrafts and, because they do not know how much any of their candidates will draw down at any one time, they are reluctant to earmark money that may or may not be drawn down at any particular time. They like to have the certainty of a loan. That did not really suit us in the sense that we did not want to take out a long-term facility.

We have an existing loan for a car for a sales representative, which is through Skoda Finance, where we sourced the car, but we had trouble convincing the bank that we were worthy of an overdraft because we had not had one previously. That, to say the least, was fairly annoying because it is a profitable business and we had been with that bank for ten years. The bank also has my wife's business, our mortgage and our personal accounts. They know everything about us, which, in retrospect, is probably not good. With LinkedFinance, we went, we made the case and the job was done. I am still waiting to hear from a bank about the loan. I do not have time for that; business moves too quickly. One cannot be sitting around waiting for answers.