SMES SEEK FINANCIAL SUPPORT FROM FRIENDS AND FAMILY OVER BANKS
December 6 2016.



Over a third (35 per cent) of entrepreneurial Britain said they would resort to their own personal savings for financial support when starting or growing a business, new research commissioned by Crowdfinders reveals.


The second most popular option in the nationally representative survey of over 2,000 UK adults was banks and institutions (28 per cent). Whereas, 15 per cent – the equivalent of almost 8 million people across the UK – stated they would seek financial support from friends and family.

Worryingly, however, almost two-thirds (64 per cent) of business-minded Britain said those close to them do not have the means to support their business venture. 

The research revealed that huge numbers of Britons are in the dark about the funding options available to them, with a particularly worrying 52 per cent of our next generation of entrepreneurs (those aged 18-34) saying they would not know where to turn for financial support if they were to start or grow a business.


For the full story at smallbusiness.co.uk CLICK HERE