Alliance & Leicester: Small businesses must prepare for financial storms

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Alliance & Leicester: Small businesses must prepare for financial storms

Alliance & Leicester Commercial Bank has found that 45 per cent of small businesses in the UK have money saved for a rainy day, meaning they are financially prepared for any turbulent times ahead.

Of those that had money saved, 57 per cent expected to use it to make up for lost business, while 42 per cent said the funds would cover any unexpected equipment failure.

Nearly a quarter of the small businesses surveyed saved between £5,000 and £20,000 each year, while 29 per cent reported that they never dip into their savings.

Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, said: "It is good to see that many business owners are regularly putting aside funds to protect their business against any unforeseen circumstances."

He suggested that with margins being squeezed by the credit crunch, it is important for small businesses to ensure they get the best deal on a savings account.

Last week Alliance & Leicester announced that it was cutting its standard variable rate by 0.25 per cent.
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