British Chamber of Commerce

New Businesses Almost Twice As Likely to Turn to Family and Friends for Investment than Established Firms

New Businesses Almost Twice As Likely to Turn to Family and Friends for Investment than Established Firms

Younger small and medium companies are more open to using alternative funding routes and to turn to g friends and family, than older, established firms; the latest Business Banking Insight (BBI) report has found. The report, which featured over 5,000 firms, found that 42% of small businesses launched in the last five years would consider seeking finance from friends and family, compared to 22% of those launched before 2000. Furthermore, 36% of ‘younger’ small and medium enterprises said they would use peer-to-peer lending for growth, while only 18% of more established businesses said they had considered the alternative funding method. Younger firms were also found to be more likely to seek out business advice. The study revealed that 64% had turned to their friends and family for finance a... »

Bank Ranking Site for Businesses Launched

Banking transparency promised following launch of government supported site, Business Banking Insight, with firms rating experience, service and products A site enabling small and mid-sized businesses to compare banks and rate the service they experienced has launched. Supported by small firms’ campaigning group Federation of Small Businesses (FSB) and the British Chamber of Commerce (BCC),Business Banking Insight (BBI), is the result of an independent survey of 5,000 businesses, identifying 74 different bank brands, and uses a five-star rating system to rank them. The website, which went live on May 28th, enables users to filter results depending on specifics such as number of employees and location – to support the different needs and attitudes of every business. A new survey will be con... »

Recession Arrow

SMEs Best-Equipped to Cope With Recession

Small businesses are better-equipped to survive recession than larger organisations, claims the Small Business Research Centre at Kingston University. The centre’s director of research Professor Robert Blackburn said: “Small firms are generally much more flexible than large firms. They are more likely to be able to quickly reduce their costs and outflows, unlike the larger organisation which may have to undergo major structural adjustments to re-align its activities with a decline in market demand”. “The ability of SMEs to make temporary changes, such as reducing the pay of the owner–managers, makes them more able to adapt to adverse market conditions”, according to Blackburn. “Small firms are more resilient than some commentators would lead us to ... »