As we enter the first full week of 2017 work, the news is a mixed bag for businesses and the UK economy. Amicus Commercial Finance recently released its latest survey that two-thirds of SMEs are struggling with cash-flow problems from forgetful debtors and the pound continues to fall. However, it’s not all that bad! A fair few UK banks are stepping up and doing their bit to aid the business network in the UK and hopefully kick-start this post vote slump.
In some recent research published by Barclays, it was stated that small businesses could generate £34bn for the UK economy by 2021. The only problem was that these small businesses needed access to this funding in order to reinvest into their firms. So Barclays have launched a mobile lending app for SMEs, supposedly reducing the time it takes to apply for a loan to under an hour. Alongside that, Metro Bank announced that £1bn worth of loans will be made available for small businesses as it aims to build on its previous years of lending. Things may be looking up for small business wanting to fund that next step!
As BFS continues to work with many businesses, it is interesting to learn that banks are backing up PR-driven statements with actual funds. The increase in lending will give many small businesses a new lease of life in 2017, with the potential for expansions or some extra asset investments. BFS love working with smaller sized firms because we are one! Most people appreciate that it is always a blessing to have a relatable conversation with someone, rather than working firms who don’t always fully understand your business. We’re always happy to do the legwork to find the best possible solution for your funding needs!
Hopefully, this year will continue to help small businesses grow and prosper! BFS are aiming to grow throughout the year, fight the doom and gloom currently forecast for the economy and help more people and businesses find the best way to fund their indulgences or their business requirements.