- 15 May
32% Of New Start Businesses Used A Bank Loan To Fund Their New Business
So in addition to the 52% of new start businesses that used a bank overdraft to fund their business, a further 32% of the 100 respondents to our market research survey of new start-up businesses used a bank loan for their initial funding.
In total that is 84% of new start up businesses that were using some form of traditional bank finance in order to fund their startup.
There are some very interesting results to follow shortly about the lack of adequacy of that funding and the consequences of the funding restrictions that these new start businesses experienced.
These results complete the picture of how the new start-up businesses in our market research survey said they funded their new business:
- 52% Bank overdraft
- 32% Bank loan
- 14% Own or family money
- 2% Invoice finance