Business owners spending their own money to survive recession

7/3/2012

Over a third of small business owners have used their own personal savings to help their company survive the recession, a new poll has indicated.

Figures revealed as part of Borro's Enterprise Ladder Report suggest that 38 per cent of business owners have dipped into their own pockets to help their company over the last year. What's more, one in ten of them have taken out short-term loans in order to raise finance.

These shocking figures would suggest that many business owners could benefit from professional advice with regards to navigating through uncertainty.

Myintroducer.com report that business owners tended to need around £94,000 in order to fund their launch - and typically borrowed two thirds of this figure.

Commenting on the survey's results, Borro chief executive Paul Aitken told scotsman.com: "It is a real worry to see that the outlook for SMEs is so grim. For those that take them and effort to start up a business, it is only fair that they are rewarded.

"With 2012 perceived as being one of the toughest years yet to either launch a small business or keep one afloat. SME owners are increasingly having a look at alternative ways to secure the finance they need."










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