Small businesses 'suffering in banking turmoil'
www.moneynews.co.uk > General finance > Small businesses 'suffering in banking turmoil'
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Small businesses 'suffering in banking turmoil'
Thu 25th Sep 2008
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A study by Cambridge University has found that while the number of small firms seeking financing in 2007 increased only a little from 2004, the level of funding necessary went from an average of £82,000 to £470,000.
The news was reported by Business Credit Management UK on www.creditman.co.uk.
Noel Guilford, chairman of the Forum of Private Business, said small businesses are suffering from reduced borrowing and service capacities as banks lay off staff, branches close and banks cut their borrowing and call in loans.
Stuart Hamilton of Hamilton Edge Tools Ltd in Gwent also said that he believes lenders are imposing the cost of credit card crime on small business customers.
The Forum of Private Business exists to fight for fair and proper treatment of small firms and was established in 1977.
It is a non-party political organisation and represents 25,000 British-based private businesses, comprising a workforce of over 600,000.
Related News : General finance |
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Related News : Banking |
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