June 27th, 2022.
UK SMEs collectively missed out on £3.6bn of funding from traditional lenders in 2021.That means nearly one million businesses faced pushback from banks, according to research by open banking provider
Yolt, with the main sticking points being timing, too much debt and insufficient collateral.
Collectively, UK businesses missed out on £3.6bn worth of much-needed finance, and of those businesses which did secure funding, only 20 per cent said the process was easy.
Research found the average SME sought to borrow £331,275 to help grow their business, mainly for equipment, technology and business development.
For the full story at smallbusiness.co.uk CLICK HERE.