Scottish Entrepreneurs unlikely to use Business Angels or Banks

Survey reveals just 5% of Scottish entrepreneurs turned to business angels for Funding.

According to a survey released yesterday more than 60 per cent of entrepreneurs still don’t trust their banks. This follows the continuing restriction on lending to small businesses that has been in place since the financial crisis.

Just 28 per cent of the scottish businesses surveyed said they had been able to secure funding from their banks.This forced  45 per cent of those surveyed to turn to friends or family for help.

Interestingly the survey found that of the 1,000 small business owners only 5 per cent approached business angels.

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