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SMEs
turn to banks for finance only out of habit
VENTURE Finance survey reveals SMEs are missing opportunities for
reduced risk and more flexible finance. The new research
released this week revealed that 42% of SMEs only conduct their
business finance with high street banks out of habit. The survey,
published by Venture Finance's Manchester office, also revealed that
a third of business owners rely on banks because they lack knowledge
of other funding options. Startlingly, only a quarter approached
their bank for funding because it was well trusted or had a good
reputation.
The findings suggest that entrepreneurs may be failing to access the
most suitable funding for their business. Added to this is the fact
that owners of SMEs are risking their personal assets by opting for
finance from banks.
Despite lacking knowledge of other sources of finance, the survey
revealed that SMEs are positive about making changes to their
financial provider, with only 5% saying they fear changing their
source of funding. This signals a positive future for businesses as
they release the full potential of their company with improved
finance.
Debbie Bell, Venture Finance's Regional Director for the North West,
commented:- "SMEs cannot afford to be idle with their
finances. Companies often turn to banks as a one-stop shop to
provide all their business finance. However, banks operate a one
size fits all policy which may not suit every organisation. With a
specialist financer, SMEs can benefit from flexible finance that is
tailored to their specific needs. More importantly, with
invoice finance business owners do not need to provide a personal
guarantee, unlike the majority of banks. This makes business much
safer for anyone wishing to run their own company. SMEs should
investigate the options that are available to them and seize the
opportunities that improved funding could provide."
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Liverpool remembers Holocaust
LIVERPOOL residents can mark the 61st anniversary of the Holocaust
by recording their thoughts and feelings in a special Book of
Commitment. The book will be officially opened in the Town
Hall on Monday (23 January) by the Lord Mayor of Liverpool,
Councillor Alan Dean, the President of Merseyside Jewish
Representative Council, Gerry Lipson, and Reverend Steven Brooks,
Rector of Liverpool.
Councillor Dean said:- "Liverpool's Book of Commitment gives
people the opportunity to remember victims of the Holocaust and Nazi
prosecution. The Holocaust was one of the defining events of
the 20th century and it's important we never forget the atrocities
that happened."
For the third year running, people can log on to a special website
to enter their thoughts and feelings about the Holocaust, or people
can also sign a Book of Commitment in the foyer at Liverpool Town
Hall. A lit candle will be kept next to the book as a symbol of
hope.
Councillor Dean added:- "We want to make sure that it is as
many people as possible pay their respects for the victims of the
Holocaust, and all those who have suffered from crimes against
humanity. Having an electronic Book of Commitment as well as a
book in the Town Hall means that many more people will be able to
record their thoughts and feelings."
Hundreds of people are expected to log on and show their commitment
with access to over 350 computers throughout the city, via libraries
and City Learning Centres. To access the online site, go to
www.liverpool.gov.uk/holocaustmemorial.
Holocaust Memorial Day takes place on Friday 27 January and the
theme is 'One Person Can Make a Difference'.
The day marks the 61st anniversary of the liberation of the
extermination and concentration camps. It gives everyone the chance
to show their respect for the survivors of Nazi persecution and mass
murder, and to listen to what they can tell us about the best and
the worst of human behaviour. |
