Owners put their homes on the line

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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.”