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Business loan for admin costs
Reported on Thu, 09 Feb 2006
Businesses struggling to cope with excessive administration costs should consider taking out a business loan.
The Federation of Small Businesses (FSB) today expressed its backing for a new bill being read for the second time in the House of Commons.
The support for legislative and regulatory reform bill is proposing to help small and medium sized enterprises (SMEs) negotiate their way through tricky EU legislation concerning administrative practices.
Recent research by the FSB found that SMEs spend an average of 28 hours per month on bureaucracy, five times as much as larger companies.
The average annual cost of bureaucracy per employee was found to be almost £300 for micro-businesses (employing under ten people), compared to only £5 for major organisations with over 5,000 employees.
John Walker, national policy chairman of the FSB, has called on the government to do more to help SMEs cut the red tape.
"Regulation is a large burden on small businesses. Our members tell us that remedying this situation must be a priority for government and we support this bill as part of the solution to achieve that.
"Although instant results can be achieved by clarifying guidance to businesses, reducing the amount of time a small firm has to spend working out how to comply with legislation, we need to deliver more than this to match the achievements of some other EU nations."
A low-rate business loan is a simple and straightforward solution to solving excessive admin costs, and can allow you to concentrate on increasing business productivity. 