independent advisors to business people with high expectations

Ready for some appalling statistics? ”

In a recent survey conducted by the Chamber of Commerce, 54% of business owners said their overdraft was secured by property (I’m left wondering whether it was their business property or actually their home - I’m hoping it’s not the latter (in most cases probably a false hope I’d say).  

Of this 54%, 76% were paying in excess of 10% interest!  That’s pretty hefty in a market where interest rates are dropping to around the 6% mark.

It no wonder a massive 80% of these business owners said there was lack of support for businesses from banks!

We’d be interested to hear what you have to say about this  …. do you think banks support businesses?  Do you have an overdraft ? … and is it secured by property?.  If it’s your home that’s securing your business overdraft .. do you know how to safely get your home out of danger?

Do you have any questions?  Please don’t hesitate to contact us.  We’d be happy to discuss them with you.

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