British Business Bank’s Small Business Finance Markets 2020/21 report suggests there could be significant further demand for funding throughout 2021 as businesses seek to move on from the pandemic and pivot towards growth, adapt to life outside the EU, improve productivity and transition to a new net zero economy.
The report found record cash balances and debt rose significantly in 2020, with the majority of British businesses accessing Government backed finance schemes with many recipients reporting unspent facilities in January 2021. With the accelerated vaccination program and the phased re-opening of the economy, these previously unspent facilities have now been spent.
This is against a backdrop of worry that many SME’s have that access to finance will become harder over the next 3 years. In a poll commissioned by MBH Corporation, 40% of respondents believed that access to finance will become more challenging while 10% believe it will be easier. This is underpinned by an increase in time taken by customers to pay invoices with 34% reporting this to be the case.
Callum Laing of MBH said “SMEs are generally optimistic about the future as underlined by their plans to access finance. The good news is that experience over the past year shows that SMEs which have applied for finance have been successful.”
At Regency we support our clients with close working relationships focussed on what matters. Catering for a wide range of industries, we can help SME’s gain financial stability and growth.
We never rest on our laurels, offering the flexibility of service demanded by our clients to ensure the best fit business financial solutions every time.
To discuss the funding options available to your business. Please do not hesitate to contact us on lynnew@regencyfactors.com and we can arrange contact via Facetime, Zoom or WhatsApp to discuss funding “Face to Face”
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