small business financial help

Third of Small Businesses Rely on the Internet for Financial Advice

Third of Small Businesses Rely on the Internet for Financial Advice

Small businesses risk coming into financial problems with 30% having admitted to using unregulated information on Google and social media for essential financial advice, according to a new survey by IGF Invoice Finance. The report found that only 4% of small business owners currently use an accountant or other trained expert for financial advice and, while the internet can offer a range of useful business information – the report warned that small business owners need to ensure they are “obtaining sound advice from trusted, reliable sources.” The findings are subsequent to a report by Direct Line for Business which found that poor consultancy resulted in a £6.4bn loss for micro and small firms – affecting an estimated 320,000 enterprises. Managing director of IGF Invoice Finance, Tra... »

Small Firms Unaware of Government Financial Support

Small Firms Unaware of Government Financial Support

More than half of small businesses are not aware of financial schemes set up by the Government to help them, according to new research by the Asset Based Finance Association (ABFA). In its survey of more than 2,000 small businesses, 56 per cent revealed that they had not heard of the Enterprise Finance Guarantee scheme (EFG), Working Capital Guarantee Scheme or the Capital Enterprise Fund – all of which have been developed by the Government to provide financial support to small and medium-sized businesses.   Small firms struggling in the recession could be at higher risk of financial failure if they were not aware of the different initiatives available, said ABFA chief executive, Kate Sharp. “Over the last few years, the Government has stepped up to support UK small busine... »