Alternative finance keeping small businesses afloat

Published on

18% of small business owners have turned to alternative financial providers, other than their bank, to stay in business, according to research from More Th&gtn Business.

It also found that 58% of small business owners fear they will go out of business in the event of a double-dip recession.

Friends and family top the list of alternative sources with 10%, following by credit cards (7%) and loan companies (7%)

Across the regions it is small businesses based in the North that have been worst affected – they saw a 1.1% rise in costs during Q2 2010 and a 6% rise over the last year. Both the Midlands and Wales and Scottish regions endured a rise of 0.6% in the last quarter while businesses in the South fared best with just a 0.3% rise.

To save money, one third of small business owners have had to make cuts in and around the workplace. 47% have reduced the use of basic utilities such as water, gas and electricity, while 38% have cut back on staff refreshments including tea, coffee and biscuits. Travel expenses have also been cut by 38% of small business owners.

Mike Bowman, head of More Th&gtn Business said: “The continued pressure on costs means that SME cash flow is suffering and in a slow recovering economy

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Nationwide cuts fixed mortgage rates by up to 0.15%

Nationwide Building Society is reducing selected fixed mortgage rates by up to 0.15 percentage...

L&G appoints Kerrigan to drive Ignite broker rollout

Legal & General has appointed Craig Kerrigan as broker relationship manager for its Ignite...

Iress UK lifts underlying earnings as costs fall

Iress UK increased underlying adjusted earnings by 43% in the first half of 2026...

Modern auction house sales rise by 14.5%

House purchases through modern method auctions increased by 14.5% year on year as buyers...

The West Brom widens mortgage access for foreign nationals

West Brom Building Society has launched a mortgage range for foreign nationals living and...

Latest publication

Other news

Nationwide cuts fixed mortgage rates by up to 0.15%

Nationwide Building Society is reducing selected fixed mortgage rates by up to 0.15 percentage...

L&G appoints Kerrigan to drive Ignite broker rollout

Legal & General has appointed Craig Kerrigan as broker relationship manager for its Ignite...

Iress UK lifts underlying earnings as costs fall

Iress UK increased underlying adjusted earnings by 43% in the first half of 2026...