Will firms using facilities management cost reduction processes seek alternative credit options?
July 19th 16:22 Cost Management
Small businesses in the UK using facilities management cost reduction processes could be among those to heed the advice of one expert.
Kathleen Hall, a writer for SmallBusiness.co.uk, has urged businesses to seek alternative routes to credit if they are turned down by banks.
She said that while they may be limited, businesses looking for a financial boost do have options.
The comments follow a report by the Institute of Directors, which showed that 39 per cent of its members have applied to banks for credit this year.
However, 33 per cent of those had their applications declined.
Ms Hall said: "If you are a start-up looking for a loan, the chances of obtaining one without having to put your house on the line is slim to none.
"However, there are alternative routes such as credit unions or Community Development Finance Institutions."
The expert also said that tough economic conditions could mean now is a prime opportunity for people finding "gaps in the market" to launch a new enterprise.
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