When it comes to funding the growth of their business, nearly three quarters (72 per cent) of British businesses turn to their overdraft, according to a survey conducted by business and financial advisers, Grant Thornton.
The survey, conducted by Experian Business Strategies Limited and Wirthlin Worldwide, is known as the International Business Owners Survey (IBOS). It canvassed the views of more than 6000 businesses in 19 countries worldwide including over 600 in the UK. It revealed that Britain's reliance on the overdraft is rivalled only by companies in South Africa and The Netherlands. In both of these countries, 75 per cent of businesses use their overdraft to fund their growth. Interestingly, in the US only 15 per cent of businesses use their overdraft as a source of funding.
