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Small businesses 'finding it harder to access finance'

Research carried out by the Federation of Small Businesses (FSB) has found that small firms are struggling to access finance, with the success rate of finance applications falling by 10% in three months.

06 Feb 2024

Research carried out by the Federation of Small Businesses (FSB) has found that small firms are struggling to access finance, with the success rate of finance applications falling by 10% in three months.

Just 53% of credit applications were successful in the last three months of 2023, according to the business group. This was a significant fall when compared to the 62% success rate recorded in the previous three months.

The FSB revealed that of those who were successful, 33% were offered an interest rate in excess of 11%.

55% of firms sought finance for cashflow issues, whilst 19% applied for finance to expand their business and 15% wanted to upgrade equipment.

Commenting on the data, Caroline Lavelle, Chief Commercial Officer at the FSB, said: 'For 50 years FSB has been supporting its members to run and grow their businesses, including by providing tailored products and services to address the biggest needs of the day.

'It's clear that access to affordable finance has become harder recently.'

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Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

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Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

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