Call 020 7794 5757 - Email info@numerallp.com

Small firms 'facing challenges when applying for financing', FSB finds

A report published by the Federation of Small Businesses (FSB) has found that many small firms in the UK face challenges when it comes to finding and applying for funding.

05 Jan 2023

A report published by the Federation of Small Businesses (FSB) has found that many small firms in the UK face challenges when it comes to finding and applying for funding.

The FSB's report found that 'widespread uncertainty' exists among small businesses in regard to where to get information on the types of finance available to them.

66% of small firms stated that they are planning to make some form of investment in their business by 2024. However, only 49% said that they have information on the different types of financing options available to them.

The FSB has urged the government to 'take action to improve the financing landscape for small businesses'. It recommends introducing a VAT-based capital investment incentive; encouraging the use of the Bank Referral Scheme; and expanding the Start Up Loans Scheme from 11,000 to 15,000 loans per year.

Martin McTague, National Chair of the FSB, commented: 'Small businesses that cannot access finance are small businesses that are cut off from opportunities to grow and expand. It's that simple.

'As a country, we cannot afford to have a repeat of the post-credit crunch scenario, where the dreams of thousands of entrepreneurs and business owners were crushed by a withdrawal of finance options, leaving them unable to continue and deepening the UK's economic woes.

'Many small firms now are in a highly precarious position, carrying debts from the pandemic, with the Bank of England raising the base rate, and with funding options getting scarcer and costlier.'

Newsletter sign-up

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign-up today

Try a site search Tax return, dividends, pension, autumn statement...

Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

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.

About us

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.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

© 2024 Numera. All rights reserved. We use cookies on this website, you can find more information about cookies here.