FDs say finding credit the biggest problem for 2009

The shortage of credit is the biggest problem facing business in 2009, according to Deloitte's latest quarterly survey of finance directors.

The survey revealed that 99% of those surveyed said credit was hard to find - a substantial increase on the 55% who said the same thing a year ago.

The Financial Times quotes one FD in the survey saying: 'They have stopped lending even to sound businesses with long track records and relationships. They are no longer banks.'

Results from the research show that main concern of FDs this year will be strengthening balance sheets, maximising cash flow, cutting costs and improving investor confidence.