UK Survey of SME Finances. Survey Instrument. Dr. W. Stuart A. Fraser Centre for Small and Medium-Sized Enterprises Warwick Business School

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1 UK Survey of SME Finances Survey Instrument Dr. W. Stuart A. Fraser Centre for Small and Medium-Sized Enterprises Warwick Business School Tel:

2 Table of Contents CHATER I S. Screening for eligibility (IFF) CHATER II START OF MAI QUESTIOAIRE A. ersonal characteristics of owner-manager B. Firm demographics C. Start-ups CHATER III D. roviders of Finance E Use of current accounts (including use of overdrafts) F Use of deposit accounts G. Recent use of grant finance H. Use of commercial loans and mortgages (current use and recent rejection experiences) I. Use of asset finance: leasing and hire purchase (current use and recent rejection experiences) J. Use of asset-based finance: invoice and stock finance (current use and recent rejection experiences) K. Use of credit cards (personal and business) O SECTIO L M. ew equity investments in the last 3 years (companies only). Finance in context CHATER IV O. Income and profits. Balance sheet information and owner s net wealth O SECTIO Q 1

3 ASK TELEHOIST CHATER I SCREEIG FOR ELIGIBILITY S1a lease can I speak to the owner/finance director/accountant? This has to be the person in charge of managing the business s finances. IF ECESSARY: We are currently conducting a major survey on behalf of the Bank of England and other leading private and public sector organisations. The survey is about how small and medium size businesses finance themselves. By gaining a better understanding of the experiences and views of businesses like yours, they will be able to improve the services they provide, including the cost and availability of finance. [ow speaking to main respondent]: S1b Good morning/afternoon. My name is AME from IFF Research. We are currently conducting a major survey on behalf of the Bank of England and other leading private and public sector organisations. The survey is about how small and medium size businesses finance themselves. By gaining a better understanding of the experiences and views of businesses like yours, they will be able to improve the services they provide, including the cost and availability of finance. We will send you a letter explaining more about the survey and the information we require, but before I do, first of all, please can I just ask you a few quick questions to check that you are the particular sort of business that we are seeking for the survey: ITERVIEWER: Offer reassurance fax if necessary Reassurances as necessary: REASSURACES This survey is being conducted for the Bank of England and other leading organizations with the aim of improving understanding of the finance needs of small and medium sized businesses in the UK. lease be assured that the survey is completely confidential and that you and your business will be identified in relation to the results of the survey. IFF Research Ltd is an independent market research company. All their work is carried out according to the Code of Conduct of the Market Research Society. If you wish to check IFF s credentials, you can call the MRS, free of charge, on If you would like to speak to someone at IFF about this study, or about IFF generally, you can call Danielle Bright (Research Executive), Fiona Dinwiddie (roject Manager) or Karen Bunt (Director) on

4 S1c Firstly, can I just check, are you the owner or person responsible for managing the business s finances? Yes COTIUE 1 COTIUE o ask to be transferred to correct ASK TO BE TRASFERRED TO 2 person CORRECT ERSO Definite appointment 3 Make definite appointment / soft call Soft appointment 4 back Refusal 6 Refusal company policy 7 Refusal taken part in other survey 8 recently Close ot available in deadline 9 Dead number (unobtainable) 11 Other 12 IF S1c = YES S1. Does another company own 50% or more of your firm ROMT: That is, is your firm a majority-owned subsidiary of another business. Y ED OUTCOME CODE X; S2 IF S1 = O S2. And is your business owned by an agency of local or national government? Y ED OUTCOME CODE X; S3 IF S2 = O S3. Is the business run READ OUT CODE OE OLY For profit S4 As a social enterprise S4 ot for profit (charities etc.) ED OUTCOME CODE X Other (specify) REFER TO SUERVISOR IF ECESSARY: A social enterprise is run for primarily social objectives with any profits being used mainly to further these objectives 3

5 IF S3 = FOR ROFIT/AS A SOCIAL ETERRISE S4. How many people, including you, work in this business: RECORD EXACT UMBER & ALLOCATE TO SIZE QUOTAS IF DK / REFUSED, ROMT WITH RAGES AS ECESSARY 1 0 SIZE QUOTA SIZE QUOTA SIZE QUOTA SIZE QUOTA CLOSE OUTCOME CODE X FOLLOW ROUTIG THROUGH TO MAI QUESTIOAIRE USE 2 STAGE QUESTIOAIRE AS ORMAL S5. And can I just check whether [ISERT IDUSTRY CATEGORY FROM SAMLE] BROADLY describes the activity of this business? EXLAI IF ECESSARY: We will ask for further details on what your business does in the main survey Yes 1 o 2 IDUSTRY CATEGORIES FROM SAMLE ARE AS FOLLOWS: Agriculture, Hunting and Forestry; Fishing Manufacturing Construction Wholesale / Retail Hotels and Restaurants Transport, Storage and Communication Real Estate, Renting and Business Activities Health and Social Work Other Community, Social and ersonal Service Activities 4

6 IF O AT S5 S5a 5. What is the principal activity of this business? RECORD DETAILS AD CODE BELOW ROMT IF ECESSARY: What does the business do or make? FOR QUOTA UROSES FOR MAI SURVEY, TRASFER IDUSTRY ACCORDIG TO SAMLE EVE IF THEY DISAGREED AT S5 ROBE FULLY S6. What was your turnover for the last financial year? IF I BUSIESS UDER A YEAR: Well what is your turnover likely to be for the full year? RECORD EXACT AMOUT IF DK / REFUSED, ROMT WITH RAGES < 25,000 25,000-49,999 50,000-74,999 75,000-99, , , ,000-9,999,999 1m 4.9 m 5m-9.9m 10m- 49.9m 50m+ DK Refused S6a. What percentage of sales are exported? RECORD EXACT AMOUT IF DK AD REF, ROMT WITH RAGES 0% 1-24% 25-49% 50-74% % DK REF 5

7 S7. What is the legal status of this business: READ OUT CODE OE OLY Sole proprietorship (single-owner 1 artnership 2 Limited liability partnership 3 Limited Liability Company (private limited company, public limited company, private 4 unlimited company) ROUTE AS SOLE RORIETORSHI ROUTE AS ARTERSHI ROUTE AS COMAY / LIMITED COMAY S8. lease tell me which category best describes [SOLE RORIETOR] your/the owner s racial background [ARTERSHI] the racial background of the partners or majority of the partners [LIMITED COMAY] the racial background of the majority shareholder? READ OUT MAJOR CATEGORIES I BOLD AD WHERE Yes DESCRITIOS BEEATH WHERE ALICABLE ( ) WHITE British 1 Irish 2 Any other white background 3 MIXED White and Black Caribbean 4 White and Black African 5 White and Asian 6 Any other mixed background 7 ASIA OR ASIA BRITISH Indian 8 akistani 9 Bangladeshi 0 Any other Asian background X Black or Black British Caribbean 1 African 2 Any other Black background 3 Chinese or other ethnic group Chinese 4 Other ethnic group 5 refer not to say 0 6

8 S9. Are you registered for VAT? Yes o Don t know S10. [SOLE RORIETOR]Did you establish the business/was the business established by one or more of the current [ARTERSHIS]owners/[LIMITED COMAIES] shareholders, or was an existing business purchased or inherited or acquired as a gift Established urchased Inherited Acquired as a gift S11. When was the business established? ROBE: If unsure, ask when it was acquired/inherited. RECORD YEAR IF 2002, 2003 OR 2004 RECORD MOTH.B. START U DEFIITIO IS LESS THA 24 MOTHS - CALCULATE QUOTAS ACCORDIGLY AD FLAG AS START U FOR MAI STAGE IF DK, ROMT WITH RAGES Under 12 months Over 1-but under 2 years old 2 3 years ago 4 6 years ago 7-9 years ago years ago More than 15 years ago RECRUIT TO START U QUOTA CHECK QUOTAS IF OUT OF QUOTA ED1 ED1: Unfortunately we are unable to proceed because your type/size of business falls outside the scope of the survey. Thank-you for your time and co-operation. 7

9 S12. And can I just check which of the following forms of finance you have used over the last 3 years for business purposes? READ OUT CODE ALL THAT ALY USER O- USER Current accounts (including personal accounts if used for business purposes) Overdraft (even if facility is there but has not been used) Deposit accounts (including personal accounts if used for business purposes) Grants (A grant is a sum of money given to a business for a specific project or purpose. They are available from a variety of public and private sources including the government, the EU and some charitable organizations.) Commercial loans / mortgages from banks and other financial institutions (not including loans from friends, family or business owners) Leasing or hire purchase Asset based finance (including factoring, invoice discounting and stock finance. This is where a business sells its invoices and receives up to 90% of their value.) Credit cards (This includes personal or business credit cards used for business purposes. This means a card where you do OT have to pay off the balance in full at the end of the month, not a store card. It also excludes debit cards) Issuing shares (shares provide the investor with an ownership interest in the firm while providing the firm with cash or some other asset. It does OT include any funds that the firm obtained from loans, or that must be repaid at some future date.) DK SCRITER: lease identify those who have said o / DK to all IF S4=1 (0 SIZE QUOTA) MAI QUESTIOAIRE IF S4=2-6 (1 249 SIZE QUOTA) S13 S13 As I mentioned earlier, we would like to send you a letter telling you more about the survey and arrange to call you back to complete the interview. The rest of the interview will take about minutes to complete 8

10 Would it be best if I faxed or ed this document to you? ( ) Fax 1 2 ost (do not offer) 3 Refused to take part in Stage 2 4 IF FAX Can I just take your fax number? WRITE I FAX UMBER IF Can I just take your address? WRITE I ADDRESS IF OST Can I just take your company name and full postal address? Company ame: Address: ostcode: ASK ALL And can I just confirm your name? WRITE I AME 9

11 And could I just take your job title? The letter will be sent to you later today, so can we make an appointment to call you back next week or when it is most convenient for you? RECORD DATE / TIME OF ITERVIEW / OSSIBLE DATES / TIMES 10

12 CHATER II - START OF MAI QUESTIOAIRE A. ERSOAL CHARACTERISTICS OF OWER-MAAGER Good morning/afternoon. My name is AME from IFF Research and I am calling back about the UK Survey of SME Finances. lease can I speak to [AMED RESODET]? [ow speaking to named respondent]: (Repeat greeting) If you remember, we sent you a letter about the UK Survey of SME Finances explaining what information we would be gathering. This included a datasheet which we asked you to fill in before the interview. Have you filled this in or do you have the information we require to hand?: {IF YES: Is it OK for us to carry out the interview now or would you prefer to arrange an appointment for another time? [IF arrange an appointment : record appointment date/time; ELSE proceed]} {IF O: We really need you to fill-in the datasheet or gather the information we need before continuing with the interview, as this will make the interview much quicker and easier to complete. When will you be able to complete this by? [record response and arrange date/time to call-back] } May I remind you that this survey is being conducted for the Bank of England and other leading organizations with the aim of improving understanding of the finance needs of small and medium sized businesses in the UK. lease be assured that the survey is completely confidential and that you and your business will not be identified in relation to the results of the survey. Would you like a report summarizing the findings of the survey? [record preference] Sole roprietorships A0 artnerships/limited liability partnerships EWA7 Limited Liability Companies EWA16 A0. Firstly, may I ask if you are the owner of the business (use response to determine form of address (you/owner) in the following questions) A1. [ITERVIEWER: IF SEAKIG TO OWER record respondent s gender: male/female] IF UOTU SEAKIG TO OWER: Is the owner male or female? A2. What is your/the owner s age? {IF RESODET IS USURE: Approximately how old is the owner: (RECORD EXACT AGE ALLOW DK/REF [ROMT WITH RAGES])

13 A3. What is the highest level of academic qualification obtained by you/the owner: ROMT IF ECESSARY o academic qualifications O-levels/GCSE/Scottish O-grades A-levels/Scottish highers HD/HC City and Guilds/VQ rofessional qualification (e.g., CA, CIMA, C. Eng, MID) Undergraduate degree ostgraduate degree Other (specify) DK? A4. How many years of experience have you/has the owner had managing or owning a business, including this business? ROMT AS ECESSARY.Is it?... Less than 1 year ago 1 3 years ago 4 6 years ago 7 9 years ago years ago More than 15 years ago DK O A5 A6. Does the person in charge of the financial management of the business have any sort of finance qualification or training? Yes /o/dk IF LEGAL STATUS=partnership EWA7. Firstly, may I ask if you are the principal owner of the business (use response to determine form of address (you/owner) and routing in the following questions) A8. Is 50% or more of the firm owned by women? Yes/o/DK A9. Is 50% or more of the firm owned by a single family? Yes/o/DK ROMT IF ECESSARY: A single family does not need to be limited to an immediate family. It may include an extended family group related through marriage. Family includes brothers, sisters, parents, spouses, children, grandchildren, aunts, uncles, cousins etc. either natural or adopted. O A10 A11. Does the person in charge of the financial management of the business have any sort of financial qualification or training? Yes/o/DK 12

14 A12. Is the principal owner male or female? Male/Female [IF SEAKIG TO RICIAL OWER ITERVIEWER: RECORD respondent s gender: male/female] A13. What is the principal owner s/your age? {IF RESODET IS USURE: Approximately how old is the principal owner: (ALLOW DK/REF ROMT WITH RAGES) DK A14. What is the highest level of academic qualification obtained by the principal owner/yourself: ROMT IF ECESSARY o academic qualifications O-levels/GCSE/Scottish O-grades A-levels/Scottish highers HD/HC City and Guilds/VQ rofessional qualifications (e.g., CA, CIMA, C. Eng, MID) Undergraduate degree ostgraduate degree Other (specify) DK? A15. How many years of experience has the principal owner/have you had managing or owning a business, including this business? (ALLOW DK/REF ROMT WITH RAGES) Less than 1 year ago 1 3 years ago 4 6 years ago 7 9 years ago years ago More than 15 years ago DK SECTIO B O A16 IF LEGAL STATUS=LIMITED LIABILITY COMAY EWA16. Firstly, may I ask if you are the principal owner/shareholder of the business (use response to determine form of address (you/owner) and routing in the following questions) 13

15 O A17 A18. Is 50% or more of the business owned by women? Yes/ o/dk A19. Is 50% or more of the business owned by a single family? Yes/o/DK ROMT IF ECESSARY: A single family does not need to be limited to an immediate family. It may include an extended family group related through marriage. Family includes brothers, sisters, parents, spouses, children, grandchildren, aunts, uncles, cousins etc. either natural or adopted. O A20 or A21 A22. Does the business have any non-executive directors? (Y/) O A22a A23. Are this company s shares traded publicly on exchanges such as AIM, OFEX or LSE? (Y/) O A23a (ASK IF UOTU SEAKIG TO OWER/RIICAL SHAREHOLDER) READ1: The following questions refer to the principal owner of the business. This is typically the person who has the largest shareholding or full authority for financial decision-making. If there is a tie, let the respondent select one owner A24. Is the principal owner male or female? Male/Female [IF SEAKIG TO RICIAL OWER ITERVIEWER: RECORD respondent s gender: male/female] A25. What is the principal owner s/your age? {IF RESODET IS USURE: Approximately how old is the owner: (ALLOW DK/REF ROMT WITH RAGES) DK 14

16 A26. What is the highest level of academic qualification obtained by the principal owner/yourself: ROMT IF ECESSARY o academic qualifications O-levels/GCSE/Scottish O-grades A-levels/Scottish highers HD/HC City and Guilds/VQ rofessional qualifications (e.g., CA, CIMA, C. Eng, MID) Undergraduate degree ostgraduate degree Other (specify) DK? A27. How many years of experience has the principal owner/have you had managing or owning a business, including this business? (ALLOW DK/REF ROMT WITH RAGES) Less than 1 year ago 1 3 years ago 4 6 years ago 7 9 years ago years ago More than 15 years ago DK O A28 15

17 B. FIRM DEMOGRAHICS ow I d like to ask some questions about the business more generally. B1a. I have [READ OUT 2 DIGIT SIC CODE FROM SAMLE] as a general classification for your business. Bearing in mind this is a general classification only, does this sound about right? Yes o IF O, ASK B1b. Rest skip to B2 B1b What is the principal activity of this business? RECORD DETAILS AD CODE BELOW ROMT IF ECESSARY: What does the business do or make? B1. Can I just check, do you have business premises or operate from home (note : code home if person works at other homes/premises HOME BASED And do you work from home or are you home based but most of time out with clients Work from home B3 Home based but most of time out with clients B3 BUSIESS REMISES And do you work from business premises or are you based there but most of work done off-site with clients Work from business premises B3 Based in business premises but most of work done off-site with clients B3 O B2 B3. Is this business/the main office of this firm located in READ OUT CODE OE OLY: A major conurbation A city A town A village or rural area DK B3a Can I also check if your postcode is [ISERT FROM SAMLE]? Yes o IF Y GO TO B7: IF O, ASK B3B. ALSO ASK B3B IF OSTCODE IS BLAK O SAMLE B3b. Can I check what your postcode is? (RECORD) O B4, B5 OR B6 16

18 B7. Is your business a member of any business organizations? Y//DK IF Y EWB7a. Which business organisations is your business a member of?: DO OT READ OUT, RECORD ALL THAT ALY Institute of Directors British Chamber of Commerce Federation of Small Businesses Confederation of British Industry Forum of rivate Businesses Other business organization (specify) DK? O B8 START-US SECTIO C ELSE CHATER III, SECTIO D 17

19 C. START-US (BUSIESSES TRADIG FOR <24 MOTHS AT S11) I d now like to ask you a few questions about how and why your business was set up. C1. What was the principal reason why you/the owner started this business?: ROMT IF ECESSARY, RECORD OE To make money Had a good business idea To be own boss/desire for independence To fulfill a life s ambition/personal goals Entrepreneurship runs in the family/parent(s) are/were entrepreneurs Lack of other jobs/opportunities Inherited/took over business Frustrated with 9-5 job Other reasons (specify) DK? C2. What sources of finance were used to establish the business?: rompt: What other sources were used? READ OUT IF ECESSARY, RECORD ALL THAT ALY ersonal savings Mortgage on home Credit card (balance due may be carried forward each month) Chargecard (balance due paid off in full each month) Gift from friends/family Loan from a bank/building society/finance company Loan from friends/family Issuing shares to friends/family Issuing shares to one or more business angels Issuing shares to a venture capitalist Issuing shares to other investor (specify) Grant/subsidized loan from a public authority Other sources (specify) OE DK IF MORE THA OE SOURCE METIOED AT C2 C3. What was the principal source of money used to establish the business? C4. How much money was used to start your business? ROMT AS ECESSARY. (ALLOW DK/REF ROMT WITH RAGES) Approximately how much money was used? Was it. Less than 10,000 10,000 to 49,999 50,000 to 99, ,000 to 499, ,000 to 999,999 1,000,000 to 4,999,999 5,000,000 + DK 18

20 O C5 OR C5a C6. Which main source of support or advice, if any, did you use during start-up: ROMT IF ECESSARY, RECORD OE (SU_1) OR CODE OE Friends/business associates Bank Manager Accountant Solicitor Business adviser (otential) customers (otential) suppliers Commercial finance broker Shell Live-Wire rinces Trust Jobcentre plus Self-employment ew Deal Business Link/Local Enterprise Agency (England) Scottish Enterprise/Local Enterprise Company/Highlands and Islands Enterprise (Scotland) Business Eye (Wales) Invest orthern Ireland Local authority/council Chamber of Commerce Trade association one DK IF support or advice used C6a On a scale of 1 to 10 (where 1 is no help and 10 is vital) how useful was the support or advice provided by SU_1? C7. Which of the following issues, if any, caused problems for your business at startup? READ OUT, RECORD ALL THAT ALY, ROTATE ORDER Business planning Finding premises Cost of premises Finding sources of finance Cost of finance Finding customers Availability of skilled workers Employee costs/wage bills Coping with regulations/red tape Competition from other firms Lack of advice/support o problems/none of these issues C8 IF >1 ROBLEM AT C7 EWC7a Which of these was the single most important problem? C8. Did you have a formal business plan prior to start-up? (Y/) O C8a 19

21 CHATER III D. ROVIDERS OF FIACE READ: I d like to check whether our records on the types of finances, used over the last three years by your business, are correct. EWD1. According to our records, your business has used the following types of finances in the last three years. Is this correct? (LIST TYES OF FIACE RECORDEDAT S12) Yes o Current accounts (including personal accounts if used for business purposes) 1 2 Overdraft (even if facility is there but has not been used) 1 2 Deposit accounts (including personal accounts if used for business purposes) 1 2 Grants 1 2 Commercial loans / mortgages from banks and other financial institutions (not including loans 1 2 from friends, family or business owners) Leasing or hire purchase 1 2 Asset based finance (including factoring, invoice discounting and stock finance. This is where a business sells its invoices and receives 1 2 up to 90% of their value.) Credit cards (This includes personal or business credit cards used for business purposes. This means a card where you do OT have to pay off the balance in full at the end of the month, not a store card. It also excludes debit cards) 1 2 Equity finance/issuing shares (equity finance/shares provide the investor with an ownership interest in the firm while providing the firm with cash or some other asset. It does OT include any funds that the firm obtained from loans, or that must be repaid at some future date.) 1 2 COMAIES OLY ROUTED THROUGH THESE QUESTIOS EWD1a And have you used any of the following types of finance for your business in the last three years? (LIST TYES OF FIACE OT METIOED AT S12.) SAME FORMAT AS EWD1 20

22 User / on user table for use in later sections Current accounts (including personal accounts if used for business purposes) Overdraft (even if facility is there but has not been used) Deposit accounts (including personal accounts if used for business purposes) Grants Loans / mortgages from banks and other financial institutions (not including loans from friends, family or business owners) Leasing or hire purchase Asset based finance (including factoring, invoice discounting and stock finance. This is where a business sells its invoices and receives up to 90% of their value.) Credit cards (This includes personal or business credit cards used for business purposes. This means a card where you do OT have to pay off the balance in full at the end of the month, not a store card. It also excludes debit cards) Equity finance/issuing shares (equity finance/shares provide the investor with an ownership interest in the firm while providing the firm with cash or some other asset. It does OT include any funds that the firm obtained from loans, or that must be repaid at some future date.) User Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a Yes at EWD1 or EWD1a on user o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a o at EWD1 and EWD1a (o at EWD1 and EWD1a) and Company (S7/4) READ1: ow I d like to ask you some questions about who is providing these finances to your business EWD2. Which is the main bank or financial institution used by your business? (record IST_M1) ROMT IF USURE: The bank or financial institution with which you do the most business DO OT READ OUT CODE OE: Abbey ational LC Alliance & Leicester LC Allied Irish Banks LC Bank of Scotland Barclays Bank LC Bradford and Bingley Bristol & West LC 21

23 Cheltenham & Gloucester LC Clydesdale Bank Halifax LC HBOS HSBC Bank LC Lloyds TSB Bank LC atwest LC ationwide orthern Rock LC Royal Bank of Scotland LC (RBoS) Sainsbury s Bank LC The Co-operative Bank LC Other (specify) EWD3 How long has your firm done business with IST_M1? RECORD EXACT AMOUT - ROMT AS ECESSARY. (ALLOW DK/REF ROMT WITH RAGES) Is it.. Less than 1 year 1 3 years 4 6 years 7 9 years years More than 15 years DK? EWD4 Is IST_M1 the main provider of READ OUT AS ALICABLE FROM FIACE ROSTER (Y/) (OTE: grants and equity finance excluded here): Current accounts Y//DK Overdrafts (even if you are not currently using it) Y//DK Deposit accounts Y//DK ROBE IF ECESSARY: By MAI we mean at which bank/building society do you hold the largest amount? Commercial loans/mortgages Y//DK - ROBE IF ECESSARY: By MAI we mean at which bank/building societies/finance company do you have the largest single outstanding commercial loan/mortgage? Leasing/hire-purchase Y//DK - ROBE IF ECESSARY: By MAI we mean at which provider do you have the largest balance due? Factoring/Invoice discounting/stock finance Y//DK - ROBE IF ECESSARY: By MAI we mean which is your main provider of invoice finance? Business and/or personal credit cards used for business purposes Y//DK IF O TO AY FIACE AT EWD4 (EXCET CREDIT CARDS) EWD4a. Which bank or financial institution is the MAI provider of [ISERT FIACE FOR IST_C1/D1/L1] DO OT READ OUT CODE OE OLY Abbey ational LC Alliance & Leicester LC Allied Irish Banks LC Bank of Scotland Barclays Bank LC Bradford and Bingley 22

24 Bristol & West LC Cheltenham & Gloucester LC Clydesdale Bank Halifax LC HBOS HSBC Bank LC Lloyds TSB Bank LC atwest LC ationwide orthern Rock LC Royal Bank of Scotland LC (RBoS) Sainsbury s Bank LC The Co-operative Bank LC Other (specify) FOR LEASIG/HIRE URCHASE OLY EWD4a.1 Which bank or financial institution is the MAI provider of [ISERT FIACE FOR IST_LH1] DO OT READ OUT CODE OE OLY Alliance and Leicester Commercial Finance Bank of Scotland Asset Finance Barclays Asset Finance Cattles LC (including Welcome Financial) Clydesdale Bank Asset Finance Co-operative Bank GE Capital HSBC Equipment Finance Interleasing (UK) Lloyds TSB Asset Finance Lloyds TSB Leasing Lombard orth Central LC Other (specify) DK FOR IVOICE FIACE OLY EWD4a.2 Which bank or financial institution is the MAI provider of [ISERT FIACE FOR IST_IF1] DO OT READ OUT CODE OE OLY Arbuthnot Latham Bank of Scotland Cashflow Finance Barclays Bank Sales Financing Bibby Group of Factors Cattles Invoice Finance Eurofactor HSBC Invoice Finance Lloyds TSB Commercial Finance/Alex Lawrie Factors The Royal Bank of Scotland Commercial Services SME Invoice Finance Other (specify) DK 23

25 EWD4b How long has your firm done business with (AS ALICABLE) IST_C1/D1/L1? RECORD EXACT AMOUT - ROMT AS ECESSARY. (ALLOW DK/REF) Is it.. Less than 1 year 1 3 years 4 6 years 7 9 years years More than 15 years DK IF CURRET ACCOUT USER (O-USERS EWE12b) 24

26 E CURRET ACCOUTS READ: I d now like to ask you about your business s current accounts. Remember these may include personal accounts if used for business purposes. Can I just remind you that all your responses to these questions will be treated with the strictest confidentiality. EWE1. Apart from the business s main current account at IST_M1/IST_C1, does your business have current accounts with any other banks or financial institutions? (Y/) READ: The following questions are about your main account with IST_M1/IST_C1 O E2, E3a,b,c,E4 (ew position for E4a) E4a. May I check whether this is a personal or business account? ersonal Business DK (ew position for E3d) E3d. Approximately, how much money do you have in your current account at present? EWE3d.1 Is this account in credit or debit? Credit Debit Refused DK E4b. Do you receive interest on this account? (Y//DK) E5.How much do you pay in total monthly or quarterly bank charges on this account? (By this I mean charges for banking services eg including writing or paying in cheques, making BACS payments but not interest or charges for any loans or overdrafts) IF VARIES: Well then, how much did you past last month/quarter? (If don t pay bank charges code do not pay bank charges ALLOW DK/REF) RECORD EXACT AMOUT ROMT IF ECESSARY <

27 IF AY CHARGES, ASK E6a. OTHERS GO TO E7. E6a Is that monthly or quarterly or for some other period? Monthly Quarterly Annually Bi-annually Other (specify) DK E6b Do you get any free transactions on this account Yes/o/DK ROMT IF ECESSARY: e.g. you are not charged for moving monies between accounts or for any automated payments such as direct debits or transfers made by internet or electronically. O E7 IF RELATIOSHI WITH IST_M1/IST_C1 LESS THA OR EQUAL TO 3 YEARS (EWD3/D4a). OTHERS GO TO E8 E7a. Was this account opened as a result of switching the account from a previous bank/building society? (Y//DK) IF E7a = Y; IF GO TO E8 E7bWhat was the main reason why you switched banks/building societies ROMT IF ECESSARY, RECORD ALL METIOED: IST_C1 offered better interest rates revious bank made too many mistakes Recommended by friend/business associate Generally Dissatisfied with service provided at previous bank/building society Lower charges (eg for paying in/withdrawals) Refused finance at previous bank/building society Offered better borrowing terms Just wanted a change Branch closure Other reason (specify) DK? E7c. How easy would you say it was to switch this account? lease use a scale of 1-10 (where 1 is extremely difficult and 10 is extremely easy)? O E7d 26

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