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Small businesses 'need more mature approach' to finance

Date Added: 28/09/2011  

A more mature approach is required from small businesses applying for finance from banks in order to avoid the threat of a winding up order.

This is the view of Bobby Lane, partner at accountancy firm Shelley Stock Hutter, who stated that firms must remember banks make their money from lending.

Speaking to the Daily Telegraph, the specialist pointed out that new sources of capital are likely to become more popular among entrepreneurs in the coming weeks and months.

Mr Lane highlighted options such as online peer-to-peer markets will become more attractive.

He said: "Easy credit is gone, and small businesses are going to have to take a much more mature approach to managing the debt and equity mix within their businesses for the foreseeable future."

Insider Media reports that at Lloyds Corporate Markets in Nottingham, business lending to new customers is up by nine per cent this year.

Dene Jones, area director for Lloyds Bank Corporate Markets in the East Midlands, welcomed the figures.

Need advice on Winding up Orders? Call 0800 9020123

Posted by Julie Cutts

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