One in five UK accountants claim that their clients have been refused credit or had funding restrictions imposed in the light of the credit crunch. The findings come from a survey conducted by an invoice and asset based lender.
The research also reveals that a quarter of the accountants surveyed believe their clients are more nervous about investing in their business. Forecasts are now showing that the number of business failures is expected to increase by 18% by the end of 2009 with a large number of businesses already talking with corporate recovery experts.
As traditional lenders start to tighten their funding lines it is important for small to mid sized businesses to know that there are other business finance options. Independent finance brokers often have a better understanding of the challenges faced by SMEs and can plug the funding gap through more flexible finance packages, tailored to business requirements.
It’s important that businesses seek advice early and not to get caught in a cash flow problem as solutions often exist.
For further information on cash flow finance or corporate restructure please contact Phillip Evans direct on 01623 812902 or follow some of the appropriate finance links.