October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition of a business loan according to Purbeck Personal Guarantee Insurance.
We know most small businesses are seeking finance simply to keep their heads above water as working capital remains the top reason for new loans - 47% of applications were for this purpose, up from 37% in Q3 2022.
As the routes to funding narrow, it is vital small business owners seek advice and support from a commercial finance broker. Taking on longer term finance to pay short term creditor obligations could create a spiral of debt and ultimately lead to further business insolvencies.
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