THE Money Advice Trust is warning small business across Wales to seek free advice if they’re struggling to cope with debts.
The charity that runs Business Debtline say small business owners are leaving it too late to seek advice.
New figures show during 2013, 360 so called ‘business deaths' (de-registrations) occurred in the Vale of Glamorgan, according to the Office of National Statistics. At the same time 605 businesses were created, however it means there is a 24 per cent “death rate”.
Business Debtline is the only free debt advice service for small business owners and sole traders in the country. Last year they helped around 40,000 people with business-related problems across the UK, with 54 per cent of callers able to overcome their immediate problem and continue to trade.
The Money Advice Trust has sent up a Business Debtline website which includes useful factsheets, budget tools and sample letters.
Small business owners in Wales can find out more at www.businessdebtline.org or call 0800 197 6026.
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