Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance – HR News

Posted on Sep 14, 2022 The current challenges around rising costs are expected to prompt more than 40,000 SMEs1 to lean on finance providers to help support their businesses according to new research from solution-led fintech lender Nucleus Commercial Finance (NCF). The study found that 15% of small and medium sized UK businesses expect to need a loan to support the running of their business. While just 1% of sole traders expect to have to go down this route, it rose notably to 16% among smaller businesses, employing between 50-249 staff. Having weathered the Covid storm, business uncertainty is back. Two thirds (66%) of UK SMEs are worried about the prospect of rising business costs over the next 12 months. Among small and medium sized businesses, this figure rises to 74%, with 29% of this group stating that they are very worried about costs going up over the next year. For those businesses that find themselves in an uncertain financial position, being able to get access to funding is crucial. However, just 38% of businesses say they are confident about being able to access affordable finance in the next 12 months should they need it. The findings also reveal that…
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