In August, the Office for National Statistics officially declared that the UK was technically in a recession for the first time in 11 years, although bounce back figures show that recovery may now be under way.
What does recession mean for SME’s?
Whilst Covid-19 may inspire the UK government to talk about aspirations for a greener economy in recovery, at ASC, we are more concerned about keeping SMEs buoyant in the here and now.
ASC have been around for 50 years and have experienced more recessions and ups and downs in the economy than we care to remember. Our advice is “don’t wait until you are in a cash crunch to get finance.”
One thing past experience has shown us is that whilst it is inevitable the SMEs will be hit by the current recessions, they will also tend to recover quite quickly at the end of it. Whilst we don’t know when the current recession will end, we do know that it will.
We know that lenders tighten their requirements in a recession, making it tougher for an SME to secure funding. Financing can take time to secure, so know where your company finances are at and speak to ASC sooner rather than later. Our expertise and connections can secure you the funding your company needs.