Two-thirds of small businesses have been urging the Government to take concrete action on improving access to finance in the UK.
In a survey of iwoca’s small business community, 66% believe that creating policies to make it easier for SMEs to apply for finance should be a priority in the upcoming Budget. This follows a continued squeeze in small business lending since the financial crisis, with Bank of England figures showing finance to SMEs by the main high street banks falling by 6% between 2014 and 2019, according to the official press release.
Such is the concern over this issue, that over one third in this study (35%) want access to finance to be the focus of the Government over the next five years.
Turning to the wider economy, 57% of iwoca customers say they’re confident that the business environment will improve over the next 12 months (23% are not). But concerns also remain within the small business community about the UK’s future relationship with the EU.
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