It is sponsored by seven banks and the DTI and will provide an initial telephone consultation providing solid, practical advice.
This will be followed up by a help pack that will provide additional continuing support.
Tim Sweeney, director general of the BBA, said: ‘Banks appreciate how important it is for businesses in difficulties to get good advice as soon as possible. The cost of that can be beyond some micro businesses.’
Patricia Hewitt, small businesses minister, said: ‘Small businesses can too easily find themselves facing a debt crisis. The business debtline will provide expert counselling and self-help advice in tacking financial difficulties so that small firms can go on to thrive.’
The line will go live this summer.
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