The British Business Bank has released it’s first financial report of 2019. It’s findings show that most small businesses remain cautious due to political and economic uncertainty, with 34% of UK SME’s expecting access to finance to be more difficult following Brexit.
The report also suggests that small and micro businesses are delaying long term investment plans and expansion plans due to the uncertainty of Brexit therefore reducing the demand for external finance.
Keith Morgan, British Business Bank CEO, said: “It is clear that a lack of confidence is affecting many smaller businesses, as evidenced by a continuing drop in demand for external finance”
Awareness of alternative SME finance options has increased, this, along with 50% of those surveyed expecting to grow in 2019, means that the UK SME business owner is in a better position once confidence returns to the UK economy.
To discuss the funding options available to your business. Please do not hesitate to contact us on 0161 280 4220 or lynnew@regencyfactors.com
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