Small businesses struggling to raise finance

Business Growth Funding Tips

Business Growth Funding Tips

42% of those who applied for a loan said they were turned down

Small firms are struggling to raise the money that they need to expand, according to a survey by business leaders. The Federation of Small Businesses (FSB) found that 42% of those who applied for a loan said they were turned down.

The FSB said that while companies were weathering the recession well, confidence was low, as two thirds of those surveyed said that they thought business finance was unaffordable. About half of the 2,600 respondents wanted to expand in the coming 12 months but said that they were struggling to secure the necessary finance.

FSB chairman John Walker said

The message is clear though – businesses want to grow and invest but they need a helping hand to do so. It is frustrating that bank finance is still difficult to get. No matter what is said about demand, more than 40% of applicants have been refused in each quarter this year. This has to change if growth aspirations are to be met.

If you are looking for ways to expand your business, Numerion Associates can help. We are an accountancy practice based in the heart of the City of London specialising in helping SMES to realise their full business potential. Numerion offer a free, no obligation meeting, helping you to look at your business from a fresh perspective.

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