British SMEs face uncertain funding future
Posted on in Business News , Cycles News , Creative News, Outdoor News, Political News
Thirty-five per cent of small businesses express concern over lack of funding options, and most don't know the options available to them.
SMEs in Britain are increasingly concerned about their ability to gain funding in the run up to Brexit, a recent survey reveals.
The study, commissioned by Hiscox, finds recent economic and political uncertainty has adversely affected business confidence, and caused concern for the future as Britain's withdrawal from the EU becomes nearer. This should come as no surprise, as 38% of the 500 businesses surveyed admit to accessing EU funding.
Despite the many funding options available to new businesses, 36% of business owners said a lack of choice was the most common single challenge they faced when looking for funding. 28% of businesses cited a lack of eligibility as the reason holding them back from obtaining finance and a further 25% said market competition was their key challenge.
More worryingly, what emerged from the survey was that one in five businesses was still unaware of the variety of funding options available to them, with most small businesses still turning to banks. Three-quarters of businesses surveyed said they used bank loans for funding over the last five years.
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