At least one third of Peterborough businesses have turned to using the company credit card to shore up finances in the past two years, according to new reports.

The latest figures from Business Link show that an estimated 36% of small firms have used credit cards to help their finances.

According to the survey, a number of businesses including city firm Mark 2 Security, whose key strategy is to cut down on overheads, resort to using credit cards only in an emergency.

Managing director Mark Dame said: "If we needed, say, £500 worth of equipment in a hurry, we would use a credit card and then settle the credit account as soon as possible."

Additionally, the study shows that eight in 10 businesses have relied on bank loans and overdrafts, while some 32% have turned to friends and family for financial assistance.

The Business Link survey further highlighted financial planning as an area for concern, with 46% of firms saying they had not made any plans for how they would finance their business in the next financial year. The report revealed that only 21% sought professional advice to help plan their future business finances.

Business Link said that financial problems could be combined with a potential slowdown in demand for goods and services.