Over a third of SMEs struggle to access traditional finance
Posted on in Business News , Cycles News , Creative News, Outdoor News
New research suggests that 35 per cent of SMEs continue to find accessing finance from banks a challenge. In addition, 9 per cent of SMEs said that accessing finance is either very difficult or almost impossible.
The survey conducted on behalf of an independent bank also reveals that SMEs identified an increase in the availability of finance as the most important factor in their region which could help them grow and prosper, with 41 per cent of SMEs say it is the most important development in their region.
The research highlights that 41 per cent of those businesses based outside of London and the South East believe they do not have access to finance on an equal basis to businesses located in London.
When asked what they would use the finance for, the survey indicates that:
- 24 per cent intend to use the finance to hire new staff
- 20 per cent plan to invest in new infrastructure or capital equipment
- 20 per cent plan to buy or refurbish premises
- 18 per cent would use new finance for working capital
- 9 per cent say they would invest in Research & Development
If your business needs additional funds to grow, inFund could help. inFund specialises in providing affordable funds for businesses just like yours, whatever you need the money for. inFund's loans are structured to be convenient and affordable - they charge below industry standards with loan costs ranging from 1.3% to 1.9% per month.
Get started
Simple registration process. Immediate credit information. Quick application.To reveal how much you could borrow, just follow these three steps:
Step 1: Register for free online
Step 2: Authorise inFund to carry out credit searches (tick box)
Step 3: Upload 3 business bank statements
