Micro-businesses 'suffering from finance problems'
Businesses with less than ten employees are struggling to adequately organise the way in which they finance their debts, it has been claimed.
New research from the Small Business Research Trust (SBRT) discovered that so-called 'micro-businesses' are seven times less likely to meet their debt finance requirements than small to medium enterprises (SMEs).
Simon Wainwright, head of business banking at the research's sponsors, HSBC, explained that maintaining a structured and organised approach to finance-related issues is crucial when companies are in their small-scale, chrysalis stage.
"Small businesses need an infrastructure that is supportive, encouraging and allows them to grow - having access to the right financial help is critical for them," he said.
He pointed out that successful small businesses are themselves "vital to the success of the economy," adding that "we all need to encourage a dynamic enterprise culture in the UK".