UK SMEs 'exploring new sources of finance', research finds

Research carried out by American Express has found that, as access to finance becomes 'increasingly difficult to secure', UK small and medium-sized enterprises (SMEs) are 'exploring new sources of finance' instead.

18 Apr 2019

Research carried out by American Express has found that, as access to finance becomes 'increasingly difficult to secure', UK small and medium-sized enterprises (SMEs) are 'exploring new sources of finance' instead.

According to the research, almost one third of UK SMEs find it 'difficult' to access finance. As a result, many are shunning traditional finance options, such as bank loans, and are turning to non-traditional forms of finance.

The research also suggested that SMEs prioritise ease of access and flexibility when it comes to choosing finance.

Paul Abbott, Chief Commercial Officer at American Express, said: 'UK SMEs are confident they can continue to prosper, despite political and regulatory change, economic uncertainty and data security concerns, and they are prioritising several initiatives to insulate themselves from external pressures and accelerate their growth.

'SMEs are the lifeblood of the UK economy – and it is vital that they have access to the finance they need to survive and thrive.

'By exploring more flexible forms of finance that will allow them to remain nimble in the face of uncertainty, SMEs will stand the best chance of weathering the current climate.'

Browse our library section

Great tips and advice you can download

Find out more

Follow us on Twitter

Copyright

© 2020 Lawrence Grant. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Lawrence Grant

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Prosure Solutions (per W R Berkley , and IGI), 34 Lime St, London EC3M 7AT (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & lawyers.