Banking Support – SMEs hold cash for uncertainty – Comment by CEO Chirag Shah

Chirag Shah, CEO of Nucleus Commercial Finance comments: “Whilst today’s figures show that businesses across the UK are consistently supported with additional finance from their banks, we know that this still isn’t the full picture. There are a large number of businesses with strong management, good finances and the ambition to grow who are not supported by the high street banks that this latest data covers. This lack of finance stunts the growth and dampens the entrepreneurial spirit of these businesses and they need to know that a ‘no’ from a bank doesn’t mean that they can’t receive the support and partnership they’re seeking from a wide range other financial providers. We are also seeing an increase in cash held by SMEs, which indicates that businesses are treading carefully in the face of future uncertainty.”