The Federation of Small Businesses (FSB) has warned that limited access to finance, weak demand for loans and ignorance of alternatives to banks is restricting economic growth.
The ‘Going for Growth’ report, published by the trade body for small and medium sized businesses (SMEs), found that companies were “unaware of different finance options and over-reliant on loans from ‘the’ Big Four banks”. It also cautions that a chaotic no-deal Brexit would further restrict small business access to finance.
FSB National Chairman Mike Cherry says: “Despite being a decade on from the crash we still have this dangerous combination of weak appetite for, and low awareness of, alternative finance options, high borrowing costs and inadequate support for small firms that are turned down by banks. Too many small business owners approach the big lender they’ve always dealt with as a first port of call when asset, peer-to-peer or equity finance could be a much better match for them.”
The financial landscape can be complex and confusing for SMEs trying to finance their growth ambitions. It is therefore essential that SME’s choose a specialist adviser who can recommend the right financial products for their specific business needs.
Our partner business, BM Structured Finance, specialises in sourcing and restructuring debt finance for SME businesses. We match the most suitable products to each individual circumstance and work together to ensure compatibility and satisfaction, thereby enhancing the business’ cashflow liquidity and facilitating maximum growth.
Whether you’re a start up or a well-established business, cash is king and managing its flow is crucial to your long-term success. For more information about how BM Structured Finance can help you and your business, contact Simon Belton or your usual Beavis Morgan Partner.