Increased competition between lenders and banks has meant that this year has seen lending become more affordable for SME’s. In fact, the latest research shows that 60% of small and medium sized business could now access funding with rates of less than 10%, much lower than in previous years.
With the current economic uncertainty that business’ face, access to funding is likely to become ever more important to help businesses survive and grow. In recognition of this Gov.uk published a press release at the start of October, highlighting the new SME Finance Charter in which Britain’s top banks and lenders have pledged their support for SME’s looking to access funding, The Charter is designed to help SME’s expand and boost the economy throughout the UK’s departure from the EU and beyond. Follow this link to learn more – https://www.gov.uk/government/news/banks-pledge-their-support-to-smes-through-brexit-and-beyond-in-new-charter.
The NGI team are on hand to help all types of SME’s. Feel free to call us on 01993 706403 or e-mail email@example.com and we would be happy to advise you.