Towards the end of 2021, less than half of SMEs had their loans approved by their banks, one of the lowest levels in the past ten years. Nowadays, SMEs in the UK are finally picking up its pace post pandemic economic effects but remain affected by rising costs, finding and hiring skilled staff, and global supply delays. But there is a bigger issue which upholds their growth, and it is access to finance.
Many businesses generally do not know their finance options and the different opportunities available to them, and with the increase in due diligence in the process, applying for finance on their own can be daunting.
How does lack of finance affect my business?
For a business to grow, it needs funds to purchase materials, hire staff, possible expansion costs and to pay rent and other costs. Luckily, using a Broker to secure finance can increase your chances of securing that needed finance and support your growth.
If your business needs funds for any purpose, it is best to do so with the help of a broker. Firstly, an initial consultation to have a better understanding of your business’ financial situation and needs. Then, a case will be built and presented to the banks on your behalf, and then finally negotiate with lenders to find the right deal which is later presented to you.
What is the market status?
In the recent months it has been reported by different institutions, including the Bank of England, that lending levels are starting to pick up its pace and are now close to the healthy numbers before the pandemic days. The market volatility of the last few years appears to be easing, and the lending market is now in a more strong and balanced position than it was before the pandemic. So, it may be a good opportunity to resume the projects that were put on pause due to all the covid delays as banks are now more eager to lend to businesses.
For further information contact ASC Finance for Business
Tel: 020 7616 6628
Notes to editors
About ASC Finance for Business
ASC was established over 50 years ago; we are independent business finance brokers. We have developed a successful track record helping businesses across the UK secure finance by removing the hurdles put in their paths. We have extensive knowledge of the financial products available from lenders and can approach them to help businesses find the right finance for their projects.
Our local directors are highly experienced and have a strong commercial background which will help your business increase their chances in securing finance. ASC enables businesses to have more free time to focus on and develop their business.