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	<title>Cornmill Associates</title>
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	<link>http://www.cornmillassociates.co.uk</link>
	<description>Business Advice</description>
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		<title>What is LIBOR? &#8211; and why the recent fuss</title>
		<link>http://www.cornmillassociates.co.uk/what-is-libor-and-why-the-recent-fuss/</link>
		<comments>http://www.cornmillassociates.co.uk/what-is-libor-and-why-the-recent-fuss/#comments</comments>
		<pubDate>Fri, 04 May 2012 17:08:06 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=442</guid>
		<description><![CDATA[LIBOR is the most important price in the world of finance &#8211; and hence affects us all. Before &#8216;Humpty fell off the wall&#8217; our understanding of the &#8216;Cost of Funds&#8217; was usually the Bank of Englands&#8217; Base Rate. Most business loans and overdrafts were priced as &#8216;X% over base&#8217;. Base Rate has for some time [...]]]></description>
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		<title>Reviewing Invoice Discounting deals</title>
		<link>http://www.cornmillassociates.co.uk/reviewing-invoice-discounting-deals/</link>
		<comments>http://www.cornmillassociates.co.uk/reviewing-invoice-discounting-deals/#comments</comments>
		<pubDate>Fri, 27 Apr 2012 17:12:59 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=439</guid>
		<description><![CDATA[&#8216;The devil is in the detail&#8217; &#8211; a very appropriate comment when it comes to appraising an Invoice Discounting deal. It is very common for a business to enter into a contract (with a provider of invoice discounting) in a hurry, without previous knowledge of the product and possibly feeling under some pressure to use the lender which [...]]]></description>
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		<title>Again the issue: is it that lenders don&#8217;t want to lend or that SME&#8217;s don&#8217;t want to borrow?</title>
		<link>http://www.cornmillassociates.co.uk/again-the-issue-is-it-that-lenders-dont-want-to-lend-or-that-smes-dont-want-to-borrow/</link>
		<comments>http://www.cornmillassociates.co.uk/again-the-issue-is-it-that-lenders-dont-want-to-lend-or-that-smes-dont-want-to-borrow/#comments</comments>
		<pubDate>Sat, 17 Mar 2012 10:19:02 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=399</guid>
		<description><![CDATA[This debate rages on, creating distractions and consuming negative energy. In reality: It is actually a relatively small percentage of SME&#8217;s (especially amongst the smallest businesses) that do want to borrow from their bank &#8211; that however still comes down to quite a big number. The best and most capable get their funding through to the [...]]]></description>
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		<title>How do you prepare for your overdraft discussion?</title>
		<link>http://www.cornmillassociates.co.uk/how-do-you-prepare-for-your-overdraft-discussion/</link>
		<comments>http://www.cornmillassociates.co.uk/how-do-you-prepare-for-your-overdraft-discussion/#comments</comments>
		<pubDate>Sat, 10 Mar 2012 09:00:40 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=392</guid>
		<description><![CDATA[Traditionally the bank manager would be &#8216;in the driving seat&#8217; when it came to the annual overdraft review (sometimes, now, a more frequent event) in that they would tell you when it was, what information they wanted and organise the meeting. Sometimes that was at short notice but it didn&#8217;t matter, it all went smoothly [...]]]></description>
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		<title>Free On-Line Directory of Lenders &#8211; will it help?</title>
		<link>http://www.cornmillassociates.co.uk/free-on-line-directory-of-lenders-will-it-help/</link>
		<comments>http://www.cornmillassociates.co.uk/free-on-line-directory-of-lenders-will-it-help/#comments</comments>
		<pubDate>Tue, 28 Feb 2012 21:02:59 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=388</guid>
		<description><![CDATA[Reports out of the launch of the NACFB on-line directory for businesses &#8211; to help business owners&#8217; understand where best to source finance from. This is good news as it will open the eyes of commercial borrowers to the fact that there are more lenders out there than just the names they see on the [...]]]></description>
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		<title>SWAP break costs added into &#8216;Loan to Value&#8217; covenant tests</title>
		<link>http://www.cornmillassociates.co.uk/swap-break-costs-added-into-loan-to-value-covenant-tests/</link>
		<comments>http://www.cornmillassociates.co.uk/swap-break-costs-added-into-loan-to-value-covenant-tests/#comments</comments>
		<pubDate>Sat, 25 Feb 2012 12:23:45 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=384</guid>
		<description><![CDATA[One to watch for those borrowers &#8211; particularly property investors &#8211; who have term loans with the usual covenants built in (i.e interest cover and &#8216;loan to value&#8217; cover) plus an &#8216;Interest Rate Management&#8217; contract (commonly known as a SWAP) running alongside. Just seen a case this week where the annual covenant tests are due [...]]]></description>
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		<title>&#8216;Insuring against Rate Rises&#8217; &#8211; The Mail on Sunday runs only half the story</title>
		<link>http://www.cornmillassociates.co.uk/insuring-against-rate-rises-the-mail-on-sunday-runs-only-half-the-story/</link>
		<comments>http://www.cornmillassociates.co.uk/insuring-against-rate-rises-the-mail-on-sunday-runs-only-half-the-story/#comments</comments>
		<pubDate>Fri, 17 Feb 2012 18:59:12 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=365</guid>
		<description><![CDATA[Good to see some coverage recently on the issue of businesses taking out interest rate protection policies. It didn&#8217;t quite cover all the issues however and as you may expect it painted the banks in a bit of a poor light. The issue about these interest rate contracts (aka SWAPS) is that businesses should not [...]]]></description>
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		<title>Credit Easing &#8211; how to get it direct to SME&#8217;s</title>
		<link>http://www.cornmillassociates.co.uk/credit-easing-how-to-get-it-direct-to-smes/</link>
		<comments>http://www.cornmillassociates.co.uk/credit-easing-how-to-get-it-direct-to-smes/#comments</comments>
		<pubDate>Sat, 11 Feb 2012 09:19:14 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=373</guid>
		<description><![CDATA[George Osborne &#38; the Bank of England have a dilemma in that whenever they release funds into the system (intending that it will eventually benefit SME&#8217;s, as the engine of the economy) there is a gravitational type pull that sees it eventually in the hands of corporates or banks, strengthening their reserves. Here&#8217;s the idea: [...]]]></description>
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		<title>Good to deliver another &#8216;Understanding your Bank Manager&#8217; session (to Milton Keynes Chamber)</title>
		<link>http://www.cornmillassociates.co.uk/good-to-deliver-another-understanding-your-bank-manager-session-to-milton-keynes-chamber/</link>
		<comments>http://www.cornmillassociates.co.uk/good-to-deliver-another-understanding-your-bank-manager-session-to-milton-keynes-chamber/#comments</comments>
		<pubDate>Sat, 11 Feb 2012 08:26:17 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=368</guid>
		<description><![CDATA[A &#8216;sell-out&#8217; event at Milton Keynes Chamber for the &#8216;Business Owners are from Mars and Bankers are from ?&#8217; presentation. Many of the banks will train their managers to understand and deal more effectively with business customers. They have the resources to do that and it helps manage risk. There are not to my knowledge [...]]]></description>
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		<title>Steven Hester &#8211; is it the bonus or the measures?</title>
		<link>http://www.cornmillassociates.co.uk/steven-hester-is-it-the-bonus-or-the-measures/</link>
		<comments>http://www.cornmillassociates.co.uk/steven-hester-is-it-the-bonus-or-the-measures/#comments</comments>
		<pubDate>Mon, 30 Jan 2012 14:27:07 +0000</pubDate>
		<dc:creator>Steve Leverton</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.cornmillassociates.co.uk/?p=355</guid>
		<description><![CDATA[Incentive schemes are a minefield &#8211; how do you get them right? In general people will do what they are paid to do &#8211; and the same applies with any bonus structure &#8211; the most critical thing is &#8216;the measures&#8217; I was lucky enough to do some work with an expert on incentive schemes a [...]]]></description>
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