Starting a new business? Get 40% off our accountancy services for 3 months! 😀


As small business borrowing falls, banks have admitted that they are encouraging the hard sell of more expensive options for credit. Small and Medium Enterprises in all sectors have said that they are being offered alternatives to more expensive overdraft facilities. This follows as the rate of borrowing by small businesses fell by three percent in February this year.

According to the Trends in Lending survey, which is published every three months by the Bank of England, some of the main UK lenders have admitted that they are looking to raise awareness of the existence of alternative products for small businesses looking for credit. However, these are also more expensive than overdrafts in many cases. The survey has also revealed that small businesses are much more cautious when it comes to borrowing, applying for much smaller amounts than the previous year.

The overall value of new applications for overdraft facilities and loans fell by 19 percent in the months from September 2010 to February 2011, compared to the same period a year ago. According to the banks, this could be because many small companies still remain cautious.

Outsourcing to a reputable small business accountants will ensure that a financial strategy is in place, with finances carefully monitored. A low cost accountants will help you to seek the most economical solution to financing your business, without having to opt for expensive alternatives. Having a strategy in place is crucial for any business, especially as the economy struggles to stabilise.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.