Close to 80% of UK businesses feel that government funding schemes haven’t helped them gain access to cash, new statistics have indicated. The government has launched initiatives including the Funding for Lending and Project Merlin schemes over the last few years, but such schemes are seemingly proving unpopular with a large number of UK businesses that have been unable to access finance through these channels. A tiny minority (9%) of small to medium-sized business (SME) owners felt that the government was assisting SMEs adequately, whilst 83% felt that more could be done to help support their businesses. The Business Barometer also found that more than a quarter of businesses were looking to source external business finance over the next 12 months.
Alternative solution: Invoice Finance
Have you considered invoice finance as an alternative funding solution for your owner-managed business? Invoice finance facilities, such as invoice factoring and invoice discounting, offer firms the ability to quickly release cash that often gets tied up in unpaid invoices. Using invoice finance can really help boost your cashflow and allow your business to continue growing and reach its full potential.Why not browse our website to find out more about how our solutions could benefit your business.