Advertising and marketing company WFCA has borrowed £300,000 from a company associated with its chairman Bob Morton.
Shares in WFCA fell 9% to 0.25p, which values the company at £1.11m.
Hawk Investment Holdings is loaning the money for 180 days at an interest rate of 1% a month.
The cash is required because new clients have delayed spending money. Net debt was £347,000 at the end of 2011.
Interim figures showed a profit of £530 on more than halved revenues of £3.59m in the six months to December 2011 but WFCA made an underlying loss. At the interim stage WFCA said that it had won new business from Threadneedle Asset Management, Attwoods Solicitors, Saga Services and Central Homecare.
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