Almost a fifth of SMEs (19%) have missed a new opportunity in the past 12 months due to a lack of available funding, according to the latest research.
Aldermore’s Future Attitudes study has revealed that medium-sized businesses were the most affected, with 28% claiming that they’d missed opportunities.
Other highlights form the report included:
- those that were impacted were missing out, on average, an income worth £76,888 per year
- businesses based in London were missing out on £135,791, on average, annually
- 37% of SMEs felt that achieving growth was their top business objective, 24% prioritised developing and expanding their products and services, while 21% planned to concentrate on expanding in the UK
- 25% of SMEs claimed that cash flow would be their biggest business concern over the next 12 months
Tim Boag, group managing director of business finance at Aldermore, said: “It’s concerning to see that almost a fifth of SMEs are missing out on opportunities as a result of financing issues.
“By providing specific solutions in a timely way, which meet business needs, we can start to address this problem and ensure SMEs — the lifeblood of our economy — continue to thrive in uncertain times.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...