Stephen Hodges Advises SMEs Not To Take Out Overdrafts
Stephen Hodges, Chief Executive of the merchant bank Close Brothers stated that “SMEs are far too reliant on overdrafts and would be better off avoiding them altogether. They should be using assets of the business to access alternative sources of finance instead.” Close Brothers lend £5 billion to around 27,000 small businesses in the UK. Hodges said “it is vital…