THREE IN FOUR SMEs TOO RISK-AVERSE TO SEEK FINANCE
April 27 2016.



According to a survey of 543 SME owners by Wesleyan Bank, 78 per cent of entrepreneurs admit that risk of debt prevents them from seeking external funds, indicating that a ‘non-borrowing culture’ among small businesses could be thwarting the market’s return to a pre-financial crisis state.


The research highlights that more SMEs would prefer to turn to Google as a source of financial advice compared to 39 per cent who would consult their bank. With business owners more likely to use unregulated sources for business advice, many may be unaware of the options on offer or be getting sound financial advice.


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