Fifth of businesses unaware of funding options
Lending to small businesses has plummeted in the UK, with funding options for finance becoming far more difficult in the wake of the pandemic. According to figures from the Federation of Small Businesses (FSB), just 9% of small firms applied for finance in the first quarter of 2022, the lowest proportion since records began.
Approved applications were 43%, a new record low!
This has prompted the UK’s largest business group, the FSB, to warn banks against “pulling up the drawbridge” to small firms, as it could ultimately stifle economic growth with the UK’s economic recovery already floundering.
This confirms why small firms that are looking to raise finance should work with an independent agricultural finance broker that are members of the NACFB and FIBA. As members, we have access to hundreds of lenders and offer greater opportunities for SMEs to secure competitive finance.