Small businesses seeking funding are struggling to borrow cash affordably, despite the Bank of England‘s attempt to boost finance in the SME sector. According to the Bank of England, lending figures showed that businesses paid back £4.3bn more than they had originally borrowed in the last quarter.
SMEs were the worst affected – the Funding for Lending scheme, which lends to smaller businesses, gave £2.3bn less in loans since the scheme started, according to the public accounts committee. This was also confirmed by the recent drop confirming that lending to businesses is currently at a 32 month low.
Here at Business Funding, we look at alternative ways of helping your business get funding. Even if you’ve been rejected from the bank, we still recommend you come to us if you’re business is looking for loans. Our partners work around the clock to get you funding for your business, at very competitive rates. Not sure what type of funding you need? Use our fund finder here.