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Business loan could help SMEs fight crime wave
Reported on Thu, 16 Mar 2006
The number of small and medium-sized enterprises (SMEs) in the UK being hit by crime has increased over the last 12 months, claims a new survey, but a business loan could help firms to rectify the damage.
Research by AXA Insurance found that the cost of crimes against small businesses was £722 million in 2005, with incidents of criminal activity rising by 27 per cent during the last quarter.
The insurance provider reports that the most commonly reported crimes by SMEs was were theft and arson, with 45 and 42 per cent of all reported incidents involving robbery and fire respectively.
Malicious damage accounted for 12 per cent of crimes against small businesses in 2005.
Neil Mercier, property insurance manager at AXA, said: "The findings demonstrate just how much of a problem crime is for small and medium-sized businesses."
He added that some crimes could lead to losses of "tens of thousands of pounds and can put enterprises out of business entirely".
A low-rate business loan could be used to improve workplace security to minimise the chances of falling victim to crime. Meanwhile, if the worst should happen, or already has happened, a business loan could help to put right financial losses.
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