“The additional funding for British businesses is great news and will certainly be a much needed additional support for UK businesses. While the additional backing is great, it’s important for businesses to remember that there are options that business can take to ensure they grow, particularly during times of economic and political uncertainty. Not one option suits all when it comes to funding and finance and it’s important that businesses know the different choices available to them.
“With 99% of all businesses in the UK SMEs in 2018, obtaining finance is critical to support their growth. In fact, two thirds (67%) of SMEs said that the availability of finance had a significant impact on their business success. However, there is an increasing number of alternative finance options available to UK SMEs, in addition to government funding and traditional bank loans and we are already noticing a shift in the alternatives that businesses are opting for. And actually, last year nearly half of SMEs were reportedly permanent non-borrowers of external financial support. To unlock the potential of other options, SMEs need to look at their own credit profile and see how potential lenders are likely to perceive them.”
Tim Vine, European Head of Trade Credit at Dun & Bradstreet