More Banks Offering Finance To SMEs

Financial institutions are becoming increasingly confident in small and medium-sized enterprises (SMEs) that they are willing to accept applications for loans or investments.

According to the latest BDRC SME Finance Monitor for Q2 2018, 85 per cent of SMEs in Britain that applied for finance were granted it during the 12-month period leading to June 2018.

At the same time, access to finance received just five per cent of votes as a major barrier for SMEs to grow their business. Others, including legislation, political uncertainty and the economic climate were more commonly mentioned by company owners.

Commenting on the findings, director of commercial finance of UK Finance Stephen Pegge said: “These figures show SMEs should be confident in approaching their bank for finance.”

He stated it is encouraging that 60 per cent of SMEs put a high level of trust and certainty in their bank as a place to apply for finance. However, he noted that many SMEs are “reluctant to borrow amid uncertainty over future trading conditions”.

In order for these type of companies to build themselves up and develop, the government needs to work closely with the finance industry and regulators to address some of the major challenges mentioned by SMEs in the survey.

Businesses that have been granted finance need to think carefully about how they spend this money. One of the best ways to see a return on investment is to provide sales training in Cheshire for staff members.

This will equip employees with the best skills to be able to effectively sell the company’s services to clients, boosting sales figures and, subsequently, increasing their profit margin.