Owners put their homes on the line

ONE in five company owners has been forced to sell or remortgage their home to keep their business running or start it up in the first place, according to a new survey.

A further 30 per cent of those questioned said that they had resorted to taking on personal debt – such as credit cards or loans – to fund their businesses, while about a third of respondents blamed a lack of funding for the eventual collapse of their companies.

John O’Keeffe – commercial director at Viking, the stationery supplier that conducted the survey of 2,000 business owners – said: “The implications of having to sell or remortgage a property are substantial, not just concerning business, but with family too.

“The issue here is with regards to funding – it is inspiring to see that so many entrepreneurs are deciding to start their own business, but it is apparent that there is a lack of money available to support Scottish businesses.”