14th November 2023
Making Business Finance Work for You
A new guide for entrepreneurs is now available to read online or download.
The Federation of Small Businesses (FSB), the UK’s largest business group is warning that banks “pulling up the drawbridge” to small firms will further stifle economic growth as its new Small Business Index (SBI) study shows successful finance applications plunging over the first quarter of this year.
Key notes from the new SBI study include:
FSB National Chair Martin McTague said: "Lenders pulling up the drawbridge for small firms will threaten our already faltering economic recovery. Businesses are born every day across the UK – many need funding to get off the ground, ensuring they reach a stage where they’re profitable and creating opportunities."
"A lot of those who’ve worked tirelessly to adapt, survive and thrive over lockdowns need finance too, empowering them to take their firms to the next level, driving our economic recovery and the transition to net zero in the process."
Simon Jackson, Head of Lending, BEF responded: "The latest SBI study highlights an ongoing challenge faced by many of the small businesses that we encounter. As a responsible finance provider, BEF are committed to delivering flexible finance to businesses who are unable to secure high street lending."
"We are well placed to support businesses across all sectors with funding for a wide range of needs thanks to Start Up Loans, RLS loans, and our recently, launched Hospitality Recovery Loan Fund which supports one of the hardest hit sectors. We encourage any business looking for funding up to £250,000 to contact us at the earliest opportunity."
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