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In the latest news update from Target Business Assist we bring you news of a drop in consumer demand & refused credit that is leaving many small to medium enterprises struggling…
Half of the 2,600 businesses surveyed by the Federation of Small Businesses said that they would ideally like to expand over the next 12 months but with limited funding available, with banks rejecting over 40% of applied for loans, confidence is diminishing,and businesses are shutting down. Between the second and third quarter of 2012, credit refusals from banks went up from 40.6% to 42.4% and with 60% of the businesses claiming finance to be unaffordable, it is no wonder that SME growth is not building as it should.
To try to overcome this growing concern, Business Secretary Vince Cable, has outlined plans to create a state-backed ‘business-bank’, specifically for small businesses to get hold of the funds they need in an attempt to stimulate growth and rebuild the UK’s entrepreneurial spirit and confidence.
The National Chairman of the FSB has said: “It isn’t surprising that confidence fell back into negative territory as the recession entered its third quarter as growth flat-lined.“
"Target Business Assist have provided our business with a new invoice factoring system that has dramatically improved our cash-flow position and flexibility with our clients..."
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