In Focus Collections
‘Firms are prevented from making progress’
Over half of small and medium-sized companies have business ambitions that they cannot fund
Chirag Shah Chief executive officer, Nucleus Commercial Finance
Our latest research reveals that more than half (52%) of UK SME owners have business ambitions that they feel that they are not able to fund. According to the latest research, it is
business owners in the capital who are struggling the most to match their ambitions, with over three-fifths (61%) of London SMEs unable to access funds. Interestingly, London SME owners want
to expand their business beyond the capital, but they are currently unable to do so.
Struggling We found that, despite SME owners reporting that revenue and profit increased by 10% and 8% over the previous year, respectively, businesses are still struggling to achieve their strategic goals. These include: l Increasing brand, marketing, or online presence – 19%. l Expanding across the UK: 17%. l Increasing staff: 14%.
According to the latest research, it is business owners in the capital who are struggling the most to match their ambitions, with over three-fifths (61%) of London SMEs unable to access funds
l Launching a new product or service: 13%. lMoving into larger premises: 12%. l Expanding into new international markets: 9%.
Challenges remain Although it is great to see an increase in both profit and revenue for small businesses, it is clear that funding challenges still remain. If business owners cannot access the
funds they need to achieve their strategic goals, we could see a significant impact on the UK’s economy if SMEs are held back.
A significant role With SMEs accounting for 99% of all UK businesses, the alternative-finance industry has a significant role to play in helping businesses succeed. Particularly as high-street banks become
more reluctant to lend, we need to better educate small businesses on the other solutions out there. The alternative-finance industry offers a
more flexible and personalised approach to lending, meaning they can help business owners who otherwise thought they had no available option. CCR
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www.CCRMagazine.com
October 2019
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