Business funding drought forces firms to turn to family and friends
- Business funding was in short supply last year
- 28% of company owners had to seek funding from friends and relatives last year
- A further 8% turned to personal credit cards
- Lending conditions are expected to remain tight this year
With business finance options in short supply last year, small business owners have been forced to turn to friends, family and personal credit cards for funding.
A study undertaken by business support organisation, the Forum of Private Business (FPB) and commercial credit reference agency Graydon UK among 750 small firms during the last six months of 2009 revealed that 28% of company owners had no option but to turn to friends, relatives and company directors to secure business financing, while a further 8% used personal credit cards to weather the financial storm.
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