According to a recent survey by Shawbrook Bank, one in 10 SMEs have struggled to access funding and, eventually, folded. The survey found that 72% of SMEs had difficulty accessing financing, with 29% delaying major investments due to insufficient funding. The report also highlighted that 17% of businesses were deemed too risky for funding. A further 29% did not meet minimum revenue requirements. The Treasury Committee has launched an inquiry into SME lending and the ease of accessing funding. The Federation of Small Businesses has warned that high interest rates and tightening lending criteria have caused the problem. They have made affordable financing almost non-existent for SMEs. Neil Rudge, head of enterprise at Shawbrook, commented: “It’s disheartening that so many businesses are folding when there are other options for them. So many could not only survive but go on to thrive.”
Neil Rudge is right that there are other potential sources of finance for struggling SME’s. The art is in knowing where to find them and how to submit a suitable application. If you are struggling to raise finance for your business, then call us and let us find a solution to your problem!
#findingfinance #accesstofinance #fundingformybusiness #businessloans #businessinvestment