Lack of access to finance risks dampening British business growth plans

According to new research from Nucleus Commercial Finance, nearly half (46%) of SME businesses fear that access to business credit and borrowing will become more difficult over the next few years, as the impact of the cost-of-living crisis become an increasing issue within the sector. This is of real concern among UK sole traders and micro businesses, where this percentage rises to 55%.

Over a quarter (26%) want Rishi Sunak and his Cabinet to prioritise providing greater support for businesses to embrace open finance options and opportunities, in order to help them execute growth ambitions in the tougher economic climate.

The lack of access to finance is a key pinch point for the SME sector. 28% of UK SMEs listed it as one of the greatest forms of support for building and successfully executing a growth strategy that enables businesses to overcome current and future challenges.

Chirag Shah, CEO and Founder of Nucleus Commercial Finance commented:

“UK SMEs are making it clear that financial support is needed, fast. For the sector to not only survive over the next 6 to 12 months, but in order to be truly productive, it is imperative that they have better access to more holistic support.

“With Rishi Sunak now in place, all eyes will be on the government in the hopes that further business relief packages will be announced in the near term.

“Indeed, with so many harbouring significant growth ambitions over the next three years, there is a lot of work to be done to ensure SME owners can actually achieve growth objectives. Providing reliable and seamless access to finance means that businesses can chart a realistic but ambitious growth strategy for the future.”