Half (50%) of SMEs in the UK and Ireland feel it is the same or more difficult to access finance compared to a year ago, Close Brothers’ Fourth Quarter 2014 business barometer has found.
More than one in two (57%) of the SMEs that took part in the survey claimed they had struggled with cash flow and were unable to invest in staff and equipment.
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The barometer found that 47% of SMEs continued to turn to traditional bank overdrafts, credit cards and loans for funding. Nearly one in five (24%) of firms received a bank loan, 15% got funding through invoice finance.
Just 6% of the respondents said they were funded through asset finance. This was even below the 12% who said they obtained their funding from crowdfunding platforms and peer-to-peer lenders.
In addition, 51% of them identified cash flow, working capital and late payments as their main business concerns.
Over 700 SME owners and senior managers took part in the survey last December, answering questions on issues affecting their business.
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By GlobalData
