SME funding woes

SMEs use personal credit cards for funding

Research from Shawbrook shows that almost half of SMEs are currently using a personal credit card to fund their business. Shawbrook's survey found that two in five business owners are currently using a personal loan and 46% have had to dip into their personal savings. The study shows that 45% of SMEs surveyed that turn over between £25m-£49.99m a year are using a personal credit card, as are 47% of those with a turnover of £50m-99.9m. Neil Rudge, head of enterprise at Shawbrook, said: “It’s concerning if some of the more established SME owners are relying on their own money simply because they’ve found limited access to funding from traditional providers.”