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Funding available for SMEs, 'but not from traditional sources'

Date Added: 09/06/2011  

Smaller companies have been told there is funding available for them to succeed, but they may have to look beyond the traditional methods of acquiring money.

Dr Stephen Bence, spokesman for comprehensive database of sources of business funding up to £10 million UKFunders, stated that small to medium-sized enterprises (SMEs) first and foremost need to learn the importance of carrying out credit checks.

He explained many will not realise they can get burned by not doing this until it is too late.

"SMEs need to look at the private sector where UKFunders' research shows that substantial investment is available from business angels and venture capital funds," commented Dr Bunce.

He added that business funding is no longer coming from the government or the banks.

A survey by the Institute of Credit Management recently revealed that SMEs are not making use of data that is publicly available which could protect their business from poor payers.

Posted by Miles Pritchard 

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