He points to a strong desire among his clients to raise capital through methods other than a bank loan, suggesting there is not enough cash available.
With such a tightening of the belts going on across the country, saving money on business energy bills as a result of comparing electricity prices online may be just as effective as bringing in new finance.
And reducing power costs is likely to be increasingly important over the coming months, as Mr Ellingworth suggests he "can't really see any end" to the current problems.
The recent credit conditions survey by EEF showed the supply of credit improved moderately, but only to large and medium companies.
Posted by Anne Yevel
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.