SMEs no longer rely on banks

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Britain’s smaller firms believe they can no longer rely on banks for finance and will have to find alternative ways of funding their enterprises in 2012.

That is the verdict of a study by Huddlebuy, the internet-based discount specialist for small firms, start ups and the self employed.

Saurav Chopra, chief execuitive of Huddlebuy, said: “Bank lending for UK small businesses has gone from bad to worse.

“The coalition government and banks talk a good game but talk is all it is.

“The reality is that businesses know they can no longer rely on banks.”