Bulletin

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

Other Articles

The new Apprenticeship Levy could help transport and logistics companies solve their recruitment problems and equip their workforces with…

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

An experienced early years practitioner in Devon has secured the future of a local nursery by acquiring the business in addition to their…

Where Next?