SMEs account for 99% of UK economy

SMEs can often help kickstart growth strategies using flexible funding solutions such as invoice finance

The Federation of Small Businesses (FSB) has revealed that data it has obtained shows that 99% of all enterprise occurring in the UK is SME activity, with approximately 4.5 million SMEs operating up and down the country.

SMEs are commonly accepted as the lifeblood of the UK’s economy, but the figures emphasise just how crucial they are to helping national economic fortunes take a turn for the better.

These 4.5 million companies account for 58.8% of all private sector employment in the UK and 48.8% of private sector turnover.

Almost 14 million people are employed by SMEs, generating a turnover of £1,500 billion.

Unsurprisingly, London contains the largest number of enterprises at 748,000 and the South East has the second largest, 745,000.

Funding for SMEs

Skipton Business Finance is able to offer invoice finance solutions to SMEs which can be tailored around the clients' individual business requirements.

Invoice finance solutions offer a viable alternative to bank credit, as they release cash which can often become locked up in unpaid invoices.

Our solutions are flexible and can include credit control management to allow your business to concentrate on growth strategy and profit maximisation, whilst we chase invoices for you and ensure all debts are paid quickly.

Why not contact us today to find out more about how SBF could provide your SME with a welcome cashflow boost.