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Small businesses becoming less confident in ability to secure finance

Date Added: 17/08/2010  

Looking for business debt advice in Manchester? Call 4R Business Recovery for help

Business debt advice could be in demand after experts reported that a growing number of small enterprises are losing faith in their ability to access finance from banks.

The Federation of Small Businesses (FSB) carried out a joint survey with the CBI and Business Link to gauge whether British companies are hopeful of securing funding from financial institutions.

Whereas most large businesses were confident of getting a loan or an overdraft, a much greater proportion of small firms were less optimistic.

Paul Henly, policy manager for the north-west at the FSB, has therefore called for banks to be put under more pressure to step up lending.

"It is important for banks to recognise the value of small companies," he told the Liverpool Daily Post.

The study identified a seven per cent drop in the number of businesses that felt confident about accessing finance from banks in the last two years.

This follows similar criticism from the Forum of Private Business, which said an economic recovery will drive up demand for funding among smaller companies.
 

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