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Overdrafts a priority for small businesses

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New research claims small businesses looking for extra finance are turning to their bank account overdrafts, rather than getting out a loan.

A survey's found nearly a third of Small to Medium Sized Enterprises (SMEs) have applied for a new bank overdraft or extension in the last two years, compared to just one in five taking out business loans.

That's despite the rates often being higher.

It's thought companies prefer to deal with their current account provider, particularly during the recession when many lenders weren't granting as many applications as in the past.

According to figures from the British Bankers' Association, SMEs currently have just over £9 billion worth of overdrafts in the UK.

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