UK SMEs 'exploring new sources of finance', research finds

18 Apr 2019

Research carried out by American Express has found that, as access to finance becomes 'increasingly difficult to secure', UK small and medium-sized enterprises (SMEs) are 'exploring new sources of finance' instead.

According to the research, almost one third of UK SMEs find it 'difficult' to access finance. As a result, many are shunning traditional finance options, such as bank loans, and are turning to non-traditional forms of finance.

The research also suggested that SMEs prioritise ease of access and flexibility when it comes to choosing finance.

Paul Abbott, Chief Commercial Officer at American Express, said: 'UK SMEs are confident they can continue to prosper, despite political and regulatory change, economic uncertainty and data security concerns, and they are prioritising several initiatives to insulate themselves from external pressures and accelerate their growth.

'SMEs are the lifeblood of the UK economy – and it is vital that they have access to the finance they need to survive and thrive.

'By exploring more flexible forms of finance that will allow them to remain nimble in the face of uncertainty, SMEs will stand the best chance of weathering the current climate.'

Copyright

© 2019 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.