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Posted: Mon, April 14, 2008
Small businesses save for a rainy dayAround half of all small businesses in Wales and the rest of the UK have money saved for a rainy day, according to research from Alliance & Leicester Commercial Bank.It surveyed over 600 business owners and found that 45 per cent of them had money squirreled away, 57 per cent of whom expected to use the funds to cover any lost business. Meanwhile, 42 per cent of respondents said they would use their savings to cover any unexpected equipment failure, such as a network crash. Around a quarter of those surveyed saved between £5,000 and £20,000 each year, while a frugal 29 per cent reported that they never use their savings. "It is good to see that many business owners are regularly putting aside funds to protect their business against any unforeseen circumstances," Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, commented. The Association of British Insurers recently urged small business owners to ensure they have safeguards in place to protect themselves in the event of a worst case scenario. 
© Adfero Ltd
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