Small businesses are the backbone of the UK economy and play a vital role in creating jobs and driving economic growth. However, many small business owners are facing difficulties in obtaining the funding they need to start or grow their companies. According to a recent study, 47% of SME business owners have had trouble obtaining funding from traditional sources such as banks and investors. This has led to a growing trend of small business owners turning to personal loans to support their companies. The current small business lending climate is creating challenges for both businesses and lenders. Lenders are often

It’s been recently found that 1 in 8 small businesses are struggling to repay Covid bounce-back loans. This has seen a combined total debt of more than £4.5 billion.

In this blog, we look at three ways the cost of living crisis is affecting small businesses in the UK.