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SMEs 'resilient' despite crunch

Jun 03 2008

The Federation of Small Businesses (FSB) claims that SMEs are proving to be 'resilient' in the face of the credit crunch.

Despite being under 'severe pressure', small businesses are 'made of tough stuff' and flexible enough to adapt to changing markets, FSB financial affairs chairman Mike Cherry says.

He comments: 'Yes the credit crunch is a worry, but it is great to see that small business owners can still find ways of making the best of a tough economic climate.'

For example, the FSB quotes art gallery owner Mariana Robinson who, as a result of a nearby post office closure and reduced demand for original paintings, has started selling stamps and sweets.

The Manchester Evening News (MEN) reports that the credit crunch has not caused problems for 65 per cent of the best of the city's top entrepreneurs, a poll has shown.

A poll among the finalists of the Ernst & Young's Entrepreneur of the Year Awards found that the majority of them had seen no "significant impact" on their business as a result of the current economic conditions.

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