• About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy
Wednesday, February 8, 2023
SUBSCRIBE
London Daily Post
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
London Daily Post
No Result
View All Result
ADVERTISEMENT

Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance

Editorial Board by Editorial Board
September 14, 2022
in Finance News
Reading Time: 2 mins read
0
Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance


Posted on September 14, 2022

Current challenges around rising costs are expected to drive more than 40,000 SMEs1 to lean on finance providers to help support their businesses according to new research from fintech technology lender Nucleus Commercial Finance (NCF).

Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance

The study found that 15% of UK SMEs expect to need a loan to support the running of their business. While only 1% of self-employed people expect to have to go this route, it rose sharply to 16% among smaller businesses, employing between 50 and 249 workers.

After weathering the Covid storm, business uncertainty is back. Two-thirds (66%) of UK SMEs are concerned about the prospect of rising business costs over the next 12 months. Among small and medium-sized companies, this figure rises to 74%, with 29% of this group stating that they are very worried about the increase in costs during the next year.

For those companies that are in an uncertain financial situation, being able to access financing is crucial. However, only 38% of businesses say they are confident they will be able to access affordable financing in the next 12 months if they need it.

The results also reveal that levels of trust increase with company size. Almost three in five (57%) of medium-sized businesses are confident they could get affordable finance, compared to less than a quarter (22%) of sole traders.

Chirag Shah, founder and CEO of Nucleus Commercial Finance, commented: “SMEs in the UK have been hit hard over the last two years. Covid pushed many over the edge and just as they are getting back on their feet, their costs are rising exponentially. With no cap on energy prices to to businesses and the prospect of blackouts during the winter, next year could prove to be one of the toughest.

“But companies are not alone. Having overcome the challenges of Covid, financial providers and government must work together to ensure these lessons are learned to provide the necessary support. Doing so means the UK’s battle-hardened SMEs can lead the recovery on the other side.”



Source link

Share this:

  • Twitter
  • Facebook

Related Posts

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

Look ahead at the Legislature: Senate Finance Committee starts budget hearings

January 31, 2023

In the coming days, Texans will learn more about how the state Senate's budget arguments could play out. A series...

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

Vital Farms raised egg prices ‘reluctantly and in small amounts’: CEO

January 28, 2023

Vital Farms ( VITL ) CEO Russell Diez-Canseco says the recent rise in egg prices, nearly 60% year-on-year, is "a...

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

Standard Premium Finance Holdings, Inc. Declares Quarterly Dividend

January 25, 2023

MIAMI, FL / ACCESSWIRE / January 25, 2023 / The Board of Directors of Standard Premium Finance Holdings, Inc. ("Standard")...

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

Finance Minister Poudel insists on promoting legal channels for remittance inflow – myRepublica

January 22, 2023

KATHMANDU, Jan 22: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that the government is ready for...

Next Post
Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance

Whole wheat vs multigrain bread: Find out which is healthier

POPULAR

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

Trapped by grief algorithms, and image AI privacy issues

February 6, 2023
Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance
Tech News

Fighting pregnancy misinformation, and the ethics of organ donations

February 3, 2023
Spiraling Costs Prompt 40,000 UK SMEs to Seek Finance
Entertainment

Michelle Obama launching podcast based on ‘Light We Carry’

February 1, 2023
  • About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy

© 2022 London Daily Post. All Rights Reserved.

No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports