If you are a small business owner, you don’t need us to tell you that the headlines can sometimes be miserable reading.
“Banks Are Still Lending Less To Small Businesses”
“UK small businesses still struggling to stay afloat”
“Lending to UK businesses continues to fall”
It makes for depressing reading and enough to make you want to give up, bury your head in the sand, and forget about the finance you were looking for to grow your business. Recent figures have revealed that since the start of the year, the amount of money lent to small businesses by banks has fallen by £4.3bn!
But don’t give up – it’s not all doom and gloom! There is hope beyond the headlines.
The last few months have begun to show evidence of this trend reversing. We’ve been saying that finance is available, and now even the experts are now beginning to agree! The chief UK economist at IHS Global Insight said “Hopefully, the recent slowing falls in overall lending to businesses… is a sign that the trend is turning. With the UK sustaining a decent level of economic activity and prospects looking pretty bright, business demand for credit will probably pick up appreciably over the coming months.”
And, more and more businesses are no longer just approaching the banks for finance. Businesses are using finance brokers, or accessing alternative sources such as crowd-funding. So, even when the banks let you down, there are still options available to you.
From our experience, it is definitely not false hope. At ASC Finance for Business, we work closely with a range of different lenders, from the traditional high street banks to specialist lenders and even alternative sources of finance such as crowd-funding. We know which banks are lending and which ones are not, so we can go out and get the right finance for your business.
So, even if the headlines make for bad reading, finance is available! Speak to ASC to find out how to secure the right funding for your business.