A lot of recent research is suggesting that SME’s will be crucial in Britain’s recovery from the Covid-19 pandemic, however, will the small businesses be given the funding they need to help heave the country out of the economic black hole?
In a new survey, Recognise Bank have found that 12% of SME businesses surveyed would look at using their overdraft to be able to fund business investment with another 11% turning to credit cards to fund their growth. This is due to small businesses feeling unable to approach their banks to help provide that vital financial funding. Only 33% of the respondents said that their bank was able to support their borrowing needs.
After 18 months of lockdowns and uncertainty, businesses of all sizes are looking to bounce back, however small businesses need more help than ever after being affected the most. Being able to access advice and financial support is critical for some business to continue trading, whilst some are seeking to grow during the bounce back. The All Party Parliamentary Group have stated that the commercial finance market is dominated by four large shareholder driven banks, this only increases the divide between SMEs and their access to business support.
With small businesses having a positive impact on Britain’s economic recovery, it is imperative that these businesses feel like they can seek financial funding. Here at Johnson Reed, we believe no matter what size business you operate, you deserve help with funding. We have help fund hundreds of SME;s over the year, helping them find funding from both Government backed schemes and private finance. If your SME is facing challenges, the Johnson Reed flexi loan and asset finance will find a way to support you.
If you want to find out more about how we can help finance your business, read more on our website, or call us today on 0161 429 4969, or you can email us ([email protected])
