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Aldermore, one of our 30 lenders releases a quarterly research paper, Future Insights. Their research found a staggering 19% of UK SMEs have missed a new opportunity due to the lack of available finance. As such this is costing business owners on average £76,888 a year. This research is astounding, most small business owners and start-ups would be delighted to turnover this much in a year let alone miss out on it.
Carl D’Ammassa the group’s MD of Business Finance reflects on some of the research saying that, “Even in ‘normal’ times, funding matters.” However, with Brexit constantly infiltrating the nations consciousness, it is having a significant effect on consumer confidence, which in turn is effecting UK SMEs, so funding now matters even more.
Knocked consumer confidence influences every business, unfortunately for most the effect will be negative, leading to decreased sales and decreased revenues. When this happens, small and medium businesses need funding, whether it be a loan or other forms of funding, to enable them to ride the Brexit wave and make it through to the other side.
Without readily available funding, UK SME’s are left on a knife’s edge, a major incident like the loss of a big client or a manufacturing default could be enough to shut the doors. However, instead of the main stream banks showing support, they are tightening purse strings. As such, making it even harder for businesses to access loans to cover shortfalls.
Fortunately, lenders like Aldermore and our other 30 lenders know that SMEs are the back bone of the UK economy. Following whatever happens over the next year, if we are going to prosper as a nation we will be in a much better position if as many of these are still in business. To do so, our lenders stand with them to offer financial support, making funds more readily available whether it be through a straight business loan, a hire purchase agreement or a lease agreement.
GSM have supported SMEs for over two decades to find the right lender for their business needs. We specialise in Asset Finance and business loans, working with clients no matter if they are based in London or the other side of the UK. We are friendly, we are efficient and we are London’s leading broker. Our relationship with you starts by fully understanding your business and it’s needs, then we discuss the available options with you. We ultimately help your business navigate the market finding the best Hire Purchase, Lease or Loan that meets your requirements and keeps your business thriving.