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Home »News »Finance News

Over 50s 'face difficulties getting finance for new businesses'

18/11/2009

People over the age of 50 are finding it increasingly difficult to get finance for new businesses, according to Prime Initiative.

A spokesperson for the organisation, which helps people aged 50 and over to set up in business, said banks only wanted to fund existing firms.

He added: "Banks are finding it hard to fund existing businesses and our clientele are new businesses.

"What bank would be free to lend out money to new businesses when they are finding it hard to lend money to existing businesses?"

The organisation created a new lending facility in April, which has been received a large number of applications from people wanting to start businesses in their fifties and sixties, he added.

His comments follow news that a survey by the British Chambers of Commerce (BCC) found that access to finance remains a serious problem for British businesses.

The BCC's latest Monthly Business Survey found that 33 per cent of companies reported that accessing finance had been more difficult over the last three months.

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Posted by Carla Spuri. ADNFCR-2295-ID-19467133-ADNFCR

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