Money advice "crucial" to businesses - commercial mortgages

08 April 2009

The importance of financial advice being available to small and medium-sized enterprises has been outlined by an industry spokesperson.

John Wright, national chairman of the Federation of Small Businesses (FSB), noted that firms are going through "testing times" at present.

He revealed that a helpline operated by the body is receiving up to ten calls each day from companies looking for guidance on money issues, such as commercial mortgages.

Mr Wright added that one in five members of the FSB have been struggling to obtain credit from lenders.

"It is crucial that small businesses have simple and accessible advice on access to credit to guide them through the difficulties and frustrations," he remarked.

Recently, figures from the Forum of Private Business suggested that commercial customers are increasingly being treated "poorly" by banks.

Around half (47 per cent) of those questioned by the group said that lenders had brought in changes to loans or overdrafts, some without any notice.

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