Emergency meeting between local traders and banks tonight at 6pm

Islington traders have called a meeting with senior banking officials this evening in Finsbury Park. The meeting has been organised by Talal Karim, chief executive of business forum FinFuture, at their offices in Seven Sisters Road, and will be attended by representatives from Lloyds TSB, RBS NatWest and the HSBC.

Traders have reported problems securing short-term loans or other help from their banks at a time when recession has meant cash flow problems and threatened redundancies. Islington Chamber of Commerce chief executive Ronke Lawal said: “In Camden Passage, where traders are struggling with massive new rent and business rate increases, the banks won’t give them a loan.”

FinFuture feels that business in Finsbury Park is benefitting from regeneration in the area, and that traders need only short-term measures to help them through the current financial climate. “A lot of businesses are simply looking for a short-term loan,” said Mr Karim. “Otherwise they face closure and making people redundant. Many of our firms have been loyal customers of the banks for decades, but when they really need financial help the banks are simply turning their backs on them.”

Chairman of the Fonthill Road traders’ association Selim Gozubuyukoglu said, “With the banks refusing to lend us money, we are having to borrow on our credit cards. As a result people are getting into terrible debt. I’ve been in business for 30 years and I’ve never known anything like it."

Islington North MP Jeremy Corbyn has lent his support to local traders, saying the banks are “more concerned with self interest than the public good”. Corbyn has written to Business Secretary Lord Mandelson about the issues faced by Finsbury Park traders.

FinFuture is an independent social enterprise representing local residents, businesses and voluntary sector and community groups from the area. The organisation works closely with the local community, police and with Hackney, Haringey & Islington local authorities.

The meeting will take place today (Monday, March 8) at 6pm at FinFuture’s offices, 225-279, Seven Sisters Road, N4 . Call 020 7272 1465 or visit www.finfuture.co.uk for more information.