PLEASE NOTE THAT THE CBILS & BBLS is now closed to new applications
New data provided by UK Finance showed that SME lending more than double in the first three quarters of 2020 compared to the total in 2019. The data showed that the gross lending to SMEs in the first three quarter of 2020 totalled to over double the total annual lending for 2019, reaching £54 billion.
Over the years, the finance options available to businesses have increased, with providers now offering a wide range of finance products and services. Alternative financing options such as Invoice Finance have become very popular for UK B2B businesses, or more specifically, SMEs.
Small businesses are crucial to the UK economy. According to the Federation of Small Businesses (FSB), there were 5.8 million small businesses at the start of this year, up 3.5% on last year. Although this may seem like a small increase, this data means that SMEs now account for 99.9% of the UK’s business population also accounting for three fifths of employment in the UK private sector and around half of its turnover.
According to new research by the Federation of Small Businesses (FSB), small businesses are in more need of support than ever due to the long-awaited ‘Brexit Day’ on 31 October and the lack or preparedness that is coming with it.
The demand for external finance by SMEs is falling, with only 12% of SMEs using external finance in 2018. Research by the Department for Business, Energy & Industrial Strategy (BEIS) shows a clear downward trend in SME employers seeking external finance since 2010.