A new survey has revealed that a third of small firms in the UK are still struggling to obtain affordable credit from banks as the cost borrowing continues to rise.
A poll of more than 5,000 members of the Federation of Small Businesses (FSB) found that 30 per cent of small firms have seen an increase in the cost of new or existing credit in the past two months.
The FSB said its findings also showed a "worrying" economic picture for small firms .
Almost two-thirds reported that trade had decreased in the past two months and 40 per cent said they were receiving late payments for services and supplies, leading to bosses considering staff redundancies or cutting employee’s hours.
John Wright, national chairman of the FSB, said the survey highlighted that banks are still reluctant to lend to small businesses, despite the government’s £500 billion bailout of the UK banking sector.
Small Firms Suffering From Increase In Borrowing Costs
Financial Services > Business Loans > News
Small Firms Suffering From Increase In Borrowing Costs
Fri, 12 Dec 2008
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