Four in 10 SMEs report needing better access to affordable finance
By Tara SammonsAlmost four in 10 UK SMEs have identified access to affordable finance as their biggest challenge, according to Millbrook Business Finance’s latest survey.
Over 100 SMEs responded to the survey, with 14% highlighting rising operational costs and economic uncertainty as the next biggest barriers to success.
When asked: “Which area would provide the greatest benefit to your business right now?”, 38% said they wanted easier access to finance.
This was followed by 29% flagging lower operational costs and 16% wanting faster payments from clients to help with business concerns.
Justin Amos, managing director at Millbrook Business Finance (pictured above), said: “These figures speak plainly. Finance is the top concern.
“SMEs want support in two areas: keeping cash flowing in through faster payments and securing affordable borrowing.
“Almost 30% of businesses say reducing operational costs would bring the greatest benefit. Add economic uncertainty to that, and it’s no surprise firms are cautious about investment, hiring and planning.
“Labour shortages and tax pressures matter, but they are not as urgent as funding, cost and cash flow.
“The focus should be clear: finance providers should simplify loan terms, speed up approvals and offer fairer rates.
“Business leaders should improve invoicing discipline, chase payments on time, review contracts, and consider early-payment incentives.
“Policymakers should provide stable regulation, targeted tax relief and practical help on rising costs such as energy and rent.
“SMEs are asking for practical, workable measures and not promises.”
Keywords: affordable finance for SMEs, SME funding challenges, Millbrook Business Finance survey, Justin Amos Millbrook, SME operational costs, economic uncertainty UK, access to business finance, faster client payments, SME cash flow issues, borrowing support for SMEs, loan approval speed, early-payment incentives