Over half the country has seen bank loan lending to SME’s fall over the past year. Many of the sectors hardest hit are those in manufacturing, those most in need of finance.
Evidence suggests that banks are wary of lending to SME’s due to Brexit uncertainty and the prospect of an economic slowdown affecting loan repayments. This can lead to dangerous territory for SME’s who need finance but are reliant on bank loans.
SME’s are the backbone of the UK economy, with over 5.7 million in 2018 accounting for 99.3% of all businesses. These businesses employ 16.3 million; 60% of all private sector employment in the UK.
The support that alternative finance options, such as invoice finance can provide can assist the UK SME economy by providing flexible finance to assist and support growth.
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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