Small business owners put homes on the line

Julia Kollewe
terraced houses
terraced houses

AFP/Getty Images

More than one in ten (12%) small business owners in the UK have had to put their own homes on the line as a guarantee for a loan over the past year to continue doing business.

A survey from personal asset lender borrow also showed that another third of small businesses (33%) would consider using their home as a guarantee if they couldn't get any other kind of finance to help with issues such as cash flow problems, late payments from customers, tax bills and staff wages.