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Monday, August 19, 2019

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19% of SMEs miss new opportunities due to lack of funding

Sam Monk | 13:17 Monday 5th August 2019

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.”

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