Telling the truth about SME life today

Business owners relying on personal cash to fund their companies

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According to P2P lender redbuildingsociety.com, around 300,000 SME owners will use personal credit cards to raise cash in 2014, while 150,000 will borrow from families or friends and 50,000 will resort to remortgaging properties. 

The research also found that almost 23,000 will be the average amount of personal money invested in SME businesses.

“Using credit cards to fund businesses is not necessarily a bad idea if owners have plans to repay debts and clearly SME owners are willing to do whatever it takes to ensure their businesses stay on track. 

More often than not though, it is a quick fix,” said Daniel Rajkumar, managing director of redbuildingsociety.com.

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