Nearly half (48.2 per cent) of UK professional services small businesses have been put off applying for finance because of jargon that accompanies the process.
Despite struggling with the terminology and acronyms, only 39.8 per cent of businesses in this sector were actually turned down for finance. This compares with an average of 46.9 per cent across the various sectors surveyed including professional services, administrative services, wholesale & retail, human health/medical, manufacturing and construction.
According to SMEs, the time taken for the money to be approved and then received is putting pressure on businesses and negatively impacting them.
Our partner business, BM Structured Finance, is here to take the stress of applying for finance away from you. With strong relationships across a number of providers, we will work with you to tailor the facility to best suit your individual business requirements.