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One in ten small firms on the 'brink of collapse'
One in ten small firms have been brought to the brink of collapse by the economic crisis, new research figures have revealed.
Insurance firm RSA polled over 300 small businesses and found that more than 500,000 SMEs are under severe financial strain.
11% of the small business owners surveyed said they could no longer afford to operate due to the credit crunch and the global financial upheaval.
SME owners blamed rising fuel and utility bills, higher rents and banks cutting overdrafts and raising charges as the main threats to their survival.
The research was conducted at the start of August, but the current picture is likely to be worse now that the financial crisis has deepened.
'Small and medium-sized businesses are facing tremendous pressures in these uncertain economic times", said Mark Skinner, small business director at RSA.
"Increasing costs, a decline in consumer confidence and a lack of credit all add to the difficulties that small and medium- sized businesses are facing."
Post Date: November 1st, 2008
Insurance firm RSA polled over 300 small businesses and found that more than 500,000 SMEs are under severe financial strain.
11% of the small business owners surveyed said they could no longer afford to operate due to the credit crunch and the global financial upheaval.
SME owners blamed rising fuel and utility bills, higher rents and banks cutting overdrafts and raising charges as the main threats to their survival.
The research was conducted at the start of August, but the current picture is likely to be worse now that the financial crisis has deepened.
'Small and medium-sized businesses are facing tremendous pressures in these uncertain economic times", said Mark Skinner, small business director at RSA.
"Increasing costs, a decline in consumer confidence and a lack of credit all add to the difficulties that small and medium- sized businesses are facing."
Post Date: November 1st, 2008
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