HSBC business banking supports 'micro' businesses

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HSBC business banking supports 'micro' businesses

Mon 11th Sep 2006

The size of your business could be dictating how much financial security and aid you have, according to new research.

The Small Business Research Trust (SBRT) studied over 3,000 British businesses and found that smaller companies are at a disadvantage.

So-called 'micro' businesses, run by ten employees or less, are the least likely of any companies to fulfil their debt requirements because of higher bank fees.

The research commissioned by HSBC business banking revealed that micro businesses pay the highest interest rates.

Small to medium sized businesses (SMEs), which have an average turnover of £25 million, pay back debt at 5.25 per cent, while the smaller companies are paying up to 6.2 per cent.

Simon Wainwright, HSBC business banking chief, says that in order for these small businesses to thrive, they need the correct support, which he says HSBC can offer.

"Banks are often perceived as a difficult source of finance, but we’re actually a great route to explore," he said.

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