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Businesses using overdrafts as finance

New research has found that 8% of SMEs in the North West say they have used personal credit facilities as financing for their businesses – lower than the national average. The SME Access to Finance study of 683 senior decision makers at UK businesses found that 25% had also relied on overdraft facilities over the past year. Santander Corporate & Commercial's study also found a number of firms – some 8% - admitted they had never reviewed their finance requirements with a view to financial stability or to assess how much money was required to execute new projects. Over two fifths (43%) of businesses said they were concerned or very concerned about cash flow over the next 12 months. The biggest problem, experienced by 25% of SMEs, was late and failed payments from customers. Mike Reeves, joint managing director of SME Banking at Santander, said: 'If businesses are experiencing problems with late or failed payments, then the simple answer is invoice finance.'

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

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