Running a small business is hard enough without financial pressure piling on top. If you're finding it tough to keep up with what you owe, you're not alone, and there's more support available than you might think.
This week, the government announced £4 million in new funding to expand the Business Debtline, a free debt advice service run by the Money Advice Trust. Over the next three years, it will help an additional 16,000 small businesses and sole traders get back on track. This will bring the total number of businesses supported to 75,000.
What is Business Debtline?
Business Debtline offers free, confidential debt advice specifically for small business owners, sole traders and the self-employed. It's designed for the moment where personal and business finances start to cross over, because that’s where things get complicated for a lot of small business owners.
Since the service was last expanded, it has supported around 50,000 people. More than 90% of clients saw their debts reduce or stabilise.
Why does this matter now?
Demand for the service has kept growing. Costs are up. Cash flow is tight for a lot of businesses. And the self-employed often fall through the gaps when it comes to financial support because they’re too small for corporate solutions and too complex for advice services designed around personal finance.
This funding is a direct response to that gap.
Jamie Stewart, CEO of Binq comments:
"Small businesses are the engine of this country and when things get tough they deserve real support not just reassurance. Free, expert debt advice might not sound exciting, but for a business owner who's been lying awake worrying about their finances, knowing where to turn can change everything.”
What to do if you need help
If debt is putting pressure on your business, don't wait until it becomes a crisis. The earlier you get advice, the more options you have.
You can reach Business Debtline via their website. It's free, it's confidential and it's built for people in exactly your situation.
