It has appeared in recent research that small business owners are more in debt than the average person. It was revealed that the average personal debt of a small business owner is circa £30,500 compared to the Consumer Credit Counselling Service clients who have approximately £20,000 of debt.
Small business owners also have an average of 10-20% higher level of arrears in council tax and utility bills compared to the norm.
The majority of small business debt is held in personal loans and short term credit cards.
If your business is in financial trouble and you could benefit from a cash injection speak to Beer & Young, they may be the answer to your problems.
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