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£3,500 pay rise needed to keep pace with inflation

Research by RIFT Tax Refunds has revealed just how much the average person would need to see their pay cheque increase by in order to keep up with inflation and what it means when it comes to the tax they pay and the money left in their back pocket.

The average UK gross salary is currently £37,235 but with inflation rising at a rate of 9.4% at present, households are feeling the squeeze as their monthly pay simply isn’t stretching as far as it was.

In fact, in order to match the current rate of inflation, the average person would need to see a pay rise to the tune of £3,500. While this would see their tax bill increase by £1,164 per year, it would also leave them with an additional £2,336 in their back pocket.

The average beautician would need to see a £1,461 increase in their annual gross earnings in order to keep pace with the current rate of inflation, paying £486 more in tax contributions but taking home £975 more per year.

Those working in construction would need to see a pay rise of £3,074, boosting their annual net income by £2,053, while increasing their tax bill by £1,022 per year.

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The average nurse would need to take home an additional £3,138 per year which would increase their net income by £2,095 annually while seeing them pay £1,043 per year.

The average teacher also needs to earn £3,331 more than the current average earnings in order to battle the impact of inflation, seeing them take home an additional £2,223 after tax and paying £1,107 more in tax contributions.

CEO of RIFT Tax Refunds, Bradley Post, commented: “Many households are struggling to combat the increased cost of living due to the current rate of inflation, with many attempting to do so on a stagnant level of income that hasn’t seen the same level of growth.

In fact, in order to match this pace, the average person would need to see quite a considerable boost to their annual earnings to the tune of £3,500.

However, the unfortunate reality is that many simply won’t and this will leave them at a severe disadvantage when it comes to managing their household finances.”

Source: London Loves Business

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Rising costs and cash flow pressures squeezing businesses with company insolvencies up 67% year-on-year

Insolvency figures released today for July 2022 by the UK Government’s Insolvency Service showed corporate insolvencies at 1,827, up 67% compared to the same month last year (1,827 in July 2022 and 1096 in July 2021).

They were 27% higher than the number registered in the July before the pandemic (1,440 in July 2019).

Leading restructuring and insolvency professional Oliver Collinge from PKF GM in Leeds said, “The large rise in corporate insolvency numbers is not surprising compared to this time last year. But alarm bells ring when there is a material increase on pre-pandemic levels, as we are seeing now.

Many distressed businesses managed to keep afloat through Covid by using the high level of government support available. Most businesses are now repaying BBLS or CBILS loans and many are also still repaying HMRC liabilities deferred during the pandemic, and rising input costs are adding to these cash flow pressures.”

Challenging times ahead as cash flow pressure on businesses grows and even better-performing businesses won’t be immune, Oliver continued, “The current headwinds will create challenges even for better-performing businesses, not only those that were already in survival mode.

“The inflation rate suggests there may be more interest rate rises to come, and there’s open talk of a recession. The cost-of-living crisis has led to the biggest fall in real pay on record, and households are reining in spending.

“Pressure on cash continues, and unfortunately, we expect to see heightened levels of business failures for some time to come.”

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Creditors’ Voluntary Liquidations (CVLs)
The increase is primarily driven by Creditors’ Voluntary Liquidations (CVLs), where directors have chosen to place their business into an insolvency process. In July 2022, there were 1,609 Creditors’ Voluntary Liquidations (CVLs), 60% higher than in July 2021 and also 60% higher than July 2019.

PKF GM thinks this may partly be because creditors can now take enforcement action, forcing directors to take pre-emptive action. There is also significant anecdotal evidence that many of these liquidations involve small companies which had taken out Bounce Back Loans and are now unable to repay them.

Collinge said, “Whilst the Covid loans, support packages and interventions staved off many business closures; the repayments on these loans, together with the worsening macro-economic climate means many businesses are beginning to experience severe cash flow pressure.

“It’s critical businesses act early and seek advice if they are struggling now or think cash flow may be squeezed in the coming months. The earlier they act, the more options they’ll have to secure the business’s long-term survival.”

Other types of insolvencies
Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were 3 times as many compulsory liquidations in July 2022 as in July 2021, and the number of administrations was twice as high as a year ago.

A message to company directors
Collinge added, “There are plenty of proactive things you can do now to build resilience into your business for the post-Covid economy; don’t leave it too late. Having a restructuring professional guide you through the process can be invaluable in getting the best outcome and will also help you understand and mitigate your risk as a director.”

“For struggling businesses, it’s not too late to begin negotiations with landlords and creditors to develop manageable repayment plans. Will revenues be high enough to support your cost base?

“Will cash flows be sufficient to deal with the additional debt burden (both formal and informal) that has accrued during Covid? Perhaps a CVA is something which should be considered or, where you may need to take the difficult decision to make redundancies to survive, consider applying for government funding to meet the short-term cash impact of this.”

Source: London Loves Business

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Nine steps to starting a business

There are a lot of things to consider when starting a business. But don’t worry; this article is here to help. Follow these simple steps, and you’ll be on your way to success in no time.

  1. Figure out what you want to do
    This may seem like the most obvious step, but it’s important to take some time to really think about what you want your business to be.

What are your passions and skills? What needs are not being met in the marketplace? Once you have a good idea of what you want to do, you can move on to the next step.

  1. Do your research
    Before you start putting any money into your new venture, it’s important to do your research. This includes things like studying the competition, identifying your target market, and putting together a business plan.
  2. Get the money you need
    Starting a business takes money. You’ll need to have enough to cover your startup costs, as well as enough to keep the lights on and pay yourself (and any employees) until the business is generating income.

There are a few different ways to get funding, including taking out loans, selling equity in your company, business credit line, or using personal savings.

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  1. Find the right location
    The location of your business is important for a number of reasons.

You want to be sure you’re in an area that makes sense for your type of business, and you also want to make sure you’re in a place where people can easily find you.

  1. Get the right team in place
    No business can be successful without the right team in place. In addition to yourself, you’ll need to have employees or contractors who are experts in their respective fields.

It’s also important to have a good support system in place, including family and friends who believe in your vision.

  1. Promote, promote, promote!
    Once your business is up and running, getting the word out there is important. There are a number of ways to promote your business, including advertising, social media, and public relations.
  2. Be patient
    Starting a business is a lot of work and doesn’t happen overnight. So it’s important to be patient and to keep your eye on the long-term goal. Remember, Rome wasn’t built in a day!
  3. Be prepared for bumps in the road
    No business is immune to challenges, and there will inevitably be times when things don’t go as planned. It’s important to be prepared for these setbacks and to have a way you’ll overcome them.
  4. Celebrate your successes!
    Last but not least, don’t forget to celebrate your successes. Every milestone, no matter how small, is worth celebrating. This will help keep you motivated and focused on your goals.

In conclusion
By following these simple steps, you’ll be well on your way to starting a successful business.

Just remember to take your time, do your research, and surround yourself with a great team. And before you know it, you’ll be on your way to achieving your dreams.

Source: Retail Tech Innovation Hub

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Top tips for surviving a recession: Small businesses must think like mortgage switchers

Purbeck Personal Guarantee Insurance, the UK’s first and only provider of personal guarantee insurance is urging small businesses to think like mortgages switchers and consider a fixed rate loan now to support investment or to sustain a business, while rates remain low.

Since March 2021, businesses have, in aggregate, repaid more finance from banks and capital markets than they have raised. Company insolvencies are also returning to pre-pandemic levels after the lows recorded in the pandemic.

Todd Davison, MD of Purbeck Personal Guarantee Insurance advised, “Bank risk-appetites are largely returning to what they were in 2019 but small businesses are paying back more than they are borrowing.

“That makes sense if you are on a floating interest rate for a loan. However, around 25% of small businesses made use of the Bounce Back Loan Scheme with a low fixed interest of 2.5%.

“Given the Bank Rate is forecast to peak at 1.9% during 2023, any small business considering new funding needs to act fast to protect themselves from the impact of rate rises, just like many people switching to fixed rate mortgages.

“While reticence to take on more debt is understandable, many business owners wouldn’t think twice about a mortgage for a dream home. One of the major comfort factors with a business loan is that Personal Guarantee Insurance protection cuts the risk of losing everything should a business fail, making the decision to take on a loan far easier.”

Purbeck’s advises on top tips for surviving a recession, they said, “Be proactive – confront potential trading difficulties head-on by assessing the impacts of a downturn/recession and what that means for the business.

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“Stay close to the cashflows of the business – undertake a regular financial assessment and measure performance against budget. This can help to identify potential cashflow problems in the future and to provide vital time to counteract these challenges. Look at the gearing and interest coverage ratio for the business to see whether the business can withstand higher rates of interest by undertaking stress testing on revenue and cost bases.

“Be collaborative – speak to key stakeholders, suppliers, customers, understand the supply chain and manage expectations to work together.

“Find new opportunities – is the business reliant on one revenue stream? Could it benefit from revenue and product diversification? Often, during difficult trading periods, expenditure on advertising and marketing is reduced – this can be detrimental in the long term. Analyse the market to see if there are any new opportunities and consider what the competition is up to for fresh ideas.

“Streamline operating margins – review the cost base and expenditure to see where savings could be made. Holding cash in reserve is also favourable to help the business withstand any trading downturns. If the business is looking to invest for example in plant and machinery, leasing arrangements could be better from a cashflow perspective to help spread the acquisition costs over a number of years.”

Source: London Loves Business

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SMEs Increasingly Concerned About Possible Recession

Small business owners are concerned about the possibility of a recession, according to iwoca’s latest quarterly SME Expert Index.

With both the cost of living and of doing business climbing, over three quarters of brokers surveyed (77 per cent) say SMEs are worried about the possibility of a recession. By contrast, fewer than seven per cent of brokers reported their small business clients as ‘unconcerned’.

iwoca’s Q2 2022 SME Expert Index is based on insight from UK brokers who collectively submitted over 1350 applications for unsecured finance on behalf of their SME clients in June.

Demand for finance increases as small business owners contend with rising inflation
As small businesses face mounting economic uncertainty, their demand for finance has risen sharply. Almost half of brokers (46 per cent) submitted more loan applications for small business financing in the last month compared to the one previous – a continuation of an upwards trend since the end of last year, with 28 per cent citing the same in Q4 2021, and 34 per cent reporting increased loan demand in Q1 2022.

In addition, the latest SME Expert Index saw 0 per cent of brokers reporting significantly fewer applications.

The survey also reveals that small businesses are looking for larger loans in light of the turbulent economic forecast. Over one in eight brokers (13 per cent) identified £200,000+ loans as most sought after for small businesses, the highest proportion since the Index was first released. Looking back at this trend, demand for loans valued above £200,000 has steadily increased since iwoca’s first Index in Q1 2021 when only four per cent of brokers reported these larger loans as the most commonly requested.

To meet this growing appetite for high value loans in the small business sector, iwoca recently announced that it is more than doubling the maximum size of its core lending product, Flexi-Loan, allowing small business owners to access business loans up to £500,000, up from a previous lending cap of £200,000.

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Managing cash flow a key priority amidst the economic storm
This heightened demand for financing, and larger amounts of it, suggests small businesses are gearing up for financial strain: in particular, cash flow issues. Over a third of brokers (37 per cent) reported managing day-to-day cash flow as the most common loan purpose for SMEs. This represents an increase of six percentage points since last quarter.

Nonetheless, as in Q1 2022, brokers report ‘growing the business’ as the most common reason for SMEs business owners to apply for finance, although it’s down by three percentage points since Q1. So, whilst managing day-to-day cash flow is becoming more important, small businesses are continuing to seek loans to finance broader growth ambitions.

Steven Scoufarides, head of broker channel at iwoca , said: “The current economic outlook for small businesses is precarious – we are seeing signs of an increasing number of SMEs searching for finance solutions to manage their cash flow and brace for the potential of a recession. But, as they’ve proven time and time again, small businesses are resilient and will shield themselves against this economic threat in every way they can; encouragingly, it looks like most are still seeking finance to grow their businesses, rather than to holster it up. At iwoca, we’re working hard to adapt to small businesses’ needs, which is why we’re now offering the higher-value loans up to £500,000.”

Leanne Barry, broker at LB Finance Solutions Ltd, added: “We have definitely been receiving more applications from smaller businesses over the last two months since the Recovery loan scheme came to an end. This is mainly from businesses that either did not manage to source any government backed funding, or indeed have already used any funding they received for cash flow and are now needing further funding to stay afloat.”

By Nathan Gore

Source: The Fintech Times

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Investment in smaller businesses in the East Midlands is on the rise

2021 was an exceptional year for UK equity finance, with investment in smaller businesses reaching nearly double its 2020 level at £18.1bn.

This is good news for businesses, as the country continues to recover from the impacts of the COVID-19 pandemic and tackles new economic headwinds.

Encouraging signs for the East Midlands

The British Business Bank recently launched its Small Business Equity Tracker for 2022, revealing an encouraging rise of investment in the region.

Smaller businesses in the East Midlands secured £154m of investment across 50 deals in 2021. This represented a 92 per cent increase on 2020, while the number of deals increased by 32 per cent.

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Tech is leading the way

The technology sector attracted the largest amount of investment in the East Midlands at £35.2m, up by 188% from £12.2m in 2019. From a low base, the number of deals are rising gradually across most tech sectors and it’s encouraging to see the value of deals increasing within life sciences, trebling compared to 2019 to £12.8m and clean tech increasing to £7.9m, from less than £100,000 invested in 2019. Across the UK, investment in environmentally friendly clean technology was worth £436m, up 38 per cent from the previous year.

Although this data signals investor confidence in the region, businesses outside of London, including in the East Midlands, are still underrepresented in terms of their share of equity finance.

Last year, 1,286 deals worth £11.9bn took place in London, representing 49 per cent of the UK’s total number of equity deals and 66 per cent of total investment – both a slight increase on 2020’s figures (three and one per cent respectively).

This was however due to stronger growth in London than the rest of the UK, rather than a decline in the activity in the other regions in 2021. The British Business Bank is working to identify and reduce regional imbalances in access to finance through a series of programmes to support supply of and demand for finance across the UK regions.

In the Midlands, our Midlands Engine Investment Fund (MEIF) has provided key financial support for SMEs throughout the East and West Midlands, with more than £150m of investment since 2017, with an additional £251m of private sector co-investment leveraged as a result of the MEIF’s work.
Our Regional Angels Programme commits funds for investment alongside business angels and other early-stage equity investors, acting as a catalyst to bring longer-term capital to smaller businesses with growth ambitions.

Commitment to smaller businesses

The East Midlands is a region of innovative business, covering a whole host of sectors that are striving for growth. The rising level of investment is a big indication of confidence in the area after the uncertainty and adversity they have faced over the past few years.

Smaller businesses will continue to be mindful of economic challenges in the coming months, the British Business Bank will be working to help companies looking to grow access the finance they need to succeed whatever the stage of their development

Information can be found, along with independent and impartial advice, on the British Business Bank Finance Hub – which outlines all the financing options available to small businesses.

By Dr Sophie Dale-Black

Source: The Business Desk

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Invoice Finance / Factoring – Case Study

The Client:

The client is a Freight Forwarder business and has traded as a Limited Company for the past 7 years, with a healthy turnover of circa £600,000 per annum.

The Scenario:

The client has had consistent cash flow issues due to their providing standard payment terms of 60 days to their customers for invoices, in addition to experiencing occasional late payments. Conversely the operating costs of the business, being predominantly wages, needed to be paid either weekly or monthly, therefore presenting an overall cashflow issue.

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The Solution:

The client was initially presented with several Business Loan options we managed to secure for them, although they ideally wanted a greater degree of flexibility in their borrowing. We therefore searched the whole market for an Invoice Finance facility for them as this was deemed the most suitable solution for their needs.

We managed to secure a £100,000 Invoice Finance Facility which will enable them to be paid advances on their outstanding invoices up to the facility limit over the coming year. The facility works with the lender deducting a set percentage as their fee, once the invoice has been paid by the client’s customers.
This solution and Invoice Finance Facility will greatly aid the client’s cashflow when they need it most and it won’t be restricted by any rigid monthly repayment terms.

Summary:

Invoice Finance / Factoring is designed to increase a company’s cashflow and fund growth. It is a relatively quick method for accessing business finance against a company’s account receivables.
Whilst personal and business credit may prevent access to Business Loans in some cases, Invoice Factoring Lenders are more focussed on the ability of a business’s clients payment history.
The facilities put in place are invariably Unsecured options which don’t require security over and above the invoices themselves, whilst also removing the time-consuming headache of chasing payments, since these now become the responsibility of the lending partner.

If you have any questions about Invoice Finance &/or want to receive a free quotation or advice, please call 03303 112 646 today. You can also fill in this short online form to get started. Our team of Invoice Finance Experts will get back to you straight away.

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Banks told to stop mistreatment of small firms struggling to repay their debts

The UK’s financial watchdog has ordered bank bosses to improve their handling of debts of small business customers, including emergency loans issued during the Coronavirus pandemic.

Responding to the surge in inflation that is placing consumers and small firms under increasing pressure, the Financial Conduct Authority (FCA) reviewed 11 banks’ management of SMEs in financial difficulty and found repeated instances of poor service and failures to treat customers fairly. This included “where relevant” the handling of government-backed pandemic support provided through the Bounce Back Loan Scheme (BBLS).

Failings included gaps in policies and procedures; inadequate staff training; systems and procedures that make it difficult to deliver fair outcomes; and poor record keeping. This led to breakdowns in identifying vulnerable customers, and inadequate provision of suitable forbearance options to those struggling with repayments.

The City regulator is now calling on the entire sector to rectify this, adding that it will take further action if problems continue.

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“We have written this letter to all chairs of retail banks with SME customers to make sure the issues we raise are given the appropriate attention at both board and executive level,” the FCA said. “We expect the board to ensure the issues identified are considered and, where necessary, addressed promptly.”

The FCA added: “Where customers have been adversely impacted as a result, we would expect your firm to put things right.”

The regulator said frontline staff were often not given training to deal with customers in financial difficulty yet were still required to decide on making a referral to a specialist team. In addition to staff lacking sufficient experience to correctly judge whether a referral was needed, there was also evidence of “staff not considering or acting on information provided to them by customers”.

There were also instances where referrals did not go through because of inadequate systems or procedures, resulting in a failure to receive specialist support or lengthy delays before support was provided.

“We continue to monitor outcomes and carefully scrutinise firms in this sector and will use our supervisory and enforcement powers to take further action as necessary,” the regulator said.

By Kristy Dorsey

Source: The Herald

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Starting A New Business: Best Ways To Raise Finance

Raising finance is one of the biggest challenges that many new businesses face. Moreover, if you have big plans for the future, you may even require additional funding. For example, this may be as simple as boosting production or an ambitious step, such as buying another company. Regardless of your goals, there are many different ways to seek funding, which don’t always mean you need to rely on traditional avenues, such as banks. The most appropriate funding option for you will be determined by your circumstances, including the size of your company and the nature of your growth plans. This article will find some of the best ways to secure financing for your new business.

Bootstrapping Your Business

Self-funding, also known as bootstrapping your business, is an effective way of financing, especially when you’re just starting out. It is common for first-time business owners to have difficulties securing funding without showing some traction or a plan for growth. As a result, many entrepreneurs invest from their own savings and ask their family and friends to contribute. This is normally easier to raise, as there will be fewer formalities and compliances to consider. Bootstrapping your business may be a good funding option if the initial requirement is small. However, if you need money from day one, you may want to consider other solutions.

Bridging Loans

Bridging loans can be used by businesses to cover their funding requirements in a variety of situations. They’re designed to be used in limited circumstances and typically in anticipation of a business receiving long-term funding. Advias is an experienced and reputable financial advisor who specialises in bridging finance, development finance, and premium mortgages. Thanks to their in-house analysis tools and extensive database of lender contacts, they can deliver accurate solutions in a timely manner. When it comes to starting a new business, bridging finance can help fill in the gaps and ensure that all necessary purchases can be made to kick-start the process.

Crowdfunding

Crowdfunding is a way of raising finance, which involves asking a large number of people to each invest a small amount of money. There are several different types of crowdfunding, including donation, equity, and debt. Donation crowdfunding means that people are willing to donate money to your enterprise simply because they believe in your vision and goals and will want nothing in return. Equity crowdfunding refers to people who invest in your business in exchange for shares and a stake. Finally, debt crowdfunding means that people lend you money, which they expect to receive back with interest.

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Credit Cards

Business credit cards are some of the most readily available ways to fund a new business, as they offer a quick way to get instant money. This may be a good funding option for you if you have just opened your business and don’t have many expenses. You can use a credit card and continue to pay the minimum payment. Nevertheless, remember that interest rates and costs associated with credit cards can build up very quickly. As a result, if you don’t use your credit card responsibly, you may accumulate debt, which can damage your business owner’s credit.

Business Grants

Your business may be eligible for a small business grant, which can help you cover certain types of expenditure. Take a look at the business finance support, that is available for start-ups and other small businesses. It can cover things such as the cost of premises, IT equipment, and machinery. Each grant will require a different application process, including strict qualification criteria. While there is no guarantee that you’ll be eligible, it’s still worth exploring your options, especially if you have just started a new business.

Angel Investors

Angel investors are typically high-net-worth individuals who invest in businesses during the early stages of their development. Usually, investors use their disposable finance to provide equity finance to a company. In exchange, they will normally take shares in the business and express an active interest in the company’s growth. Therefore, they must believe in the business and in you. In addition, angel investors will support you with their knowledge and expertise so that they can see a strong return on their investment within three to eight years.

Venture Capital

You may consider a venture capital firm if you need a serious amount of money in exchange for a big percentage of your company. However, this is a competitive area, so you will need an outstanding strategy, as well as a great business plan and an impressive pitch. In general, a venture capital investment may be suitable for small businesses that have moved past the start-up phase and are already generating revenue. Keep in mind that this may not be the best option for you if you’re not interested in mentorship and compromise.

By Sam Allcock

Source: Business Mole

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SME survey reveals financing drought which is stalling growth as RLS loan deadline passes

More than one in five (22%) small and medium sized enterprises (“SMEs”) that needed external finance and/or capital over the last couple of years were unable to access it.

Indeed, over a quarter (27%) have had to stop or pause an area of their business because of a lack of finance. This is according to new research commissioned by Manx Financial Group PLC (AIM:MFX), the financial services group which includes, amongst other operating subsidiaries, Conister Bank Limited (“Conister”), Conister Finance & Leasing Limited and Blue Star Business Solutions Limited.

The research showed that the biggest barriers faced by SMEs in sourcing external finance/and or capital were that it was too expensive (23%), the process took too long (19%) and that there was a lack of flexibility with repayment terms (17%). SMEs also cited other barriers such as the fact that the lender didn’t understand their business (16%) and that they received poor customer care (10%).

The research also revealed that SMEs have been forced to pause or stop activities such as expanding into new markets, hiring the right personnel and marketing, because of lack of financing. Manufacturing, Finance & Accounting, Retail and IT & Telecoms were the sectors that were affected the most because of a lack of external finance and/ or capital.

Over the next 12 months, nearly two in five (38%) SMEs believe Sales will be the biggest areas of business that will see growth followed by recruitment (19%), new product development (18%) and new market expansion (17%).

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The research also highlighted that a third (34%) of SMEs are concerned that their business will not grow in the next 12 months. However, with appropriate external finance, SMEs on average believe their business could grow by around 17%.

Douglas Grant, CEO of Manx Financial Group PLC said, “The research sadly reveals what we have been observing for some time – that SMEs continue to struggle with accessing finance and that worryingly, this lack of availability will cost them and the UK economy in terms of growth at a time when it is needed the most. The amount of growth that is being sacrificed is however significant and will require new solutions which are designed to address this funding gap.”

On 6 April 2021 the Recovery Loan Scheme (“RLS”) was launched. A new Government-backed initiative designed to help facilitate businesses’ recovery and growth after the disruption caused by Covid-19, allowing firms of any size and sector to apply for funding of up to £10 million from accredited lenders.

Conister was approved in August 2021 as a British Business Bank accredited lender for the RLS. It enabled Conister to extend the support it has provided to SMEs throughout the Covid-19 pandemic. The scheme deadline is today (30 June) meaning capital-starved SMEs, still recovering and adapting to a post-pandemic landscape, will need to source alternative forms of lending.

Some sectors of the economy are recovering more rapidly than others. For those still struggling sectors, they require an additional government intervention, but for the remainder, no further Government intervention is necessary.

Grant added, “We were delighted to have been accredited for the RLS last year. The programme provided the necessary catalyst that many sectors required to thrive.

“However, this lifeline is now going and demand for working capital is set to soar to new highs as more businesses desperately require liquidity provisions to counteract record inflation levels, rising interest rates, supply chain issues, increases in wages and additional pandemic-induced headwinds. With the cost of borrowing set to increase, many SMEs are facing their own cost of living crisis.

“A sector focused government-backed loan scheme which brings together both traditional and alternative lenders to guarantee the future of our SMEs in struggling sectors, is critical to ensure that opportunities for their growth are not missed. We very much hope this is something that becomes a reality.

“In the meantime, all SMEs would be well-advised to take stock of their current capital structures and, if appropriate, access fixed term, fixed rate loans to prevent additional exposure to an increasingly volatile lending market.”

By Lib Finance Reporter

Source: London Loves Business