SME Funding: “Banks Going Backwards”

SMEFMPic

Only a third of Britain’s small businesses have turned to their banks for financing in the past quarter, the lowest level on record, according to data published in The Telegraph. Despite the Government’s repeated efforts to boost bank lending for firms, the latest SME Finance Monitor found that 33 per cent of small firms reported using external finance, which includes banks loans, overdrafts and credit cards in the first quarter. Instead 27 per cent said they regularly use trade credit while 30 per cent said they had used personal funds.

BDRC, the consultants behind the survey since 2010, said it was the lowest level for 12 quarters. Phil Orford, chief executive of the Forum of Private Business, said the figures “showed a clear reversal in the number of businesses looking to the banks and other external sources moving forward”.

Alternative funding sources are available from Money&Co. right now. Potential borrowers click here.


Tags: crowdfunding, FPB, SME

FOLLOW MONEY&CO. ON TWITTER

Search news

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -

More from news

Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.