UK Small Business Owners are Turning to Personal Loans to Tackle Funding Struggles

UK Small Business Owners are Turning to Personal Loans to Tackle Funding Struggles

Due to the difficulties they have in acquiring external funding, many UK small business owners are starting to turn to personal loans to support their companies. It was found that 47% of SME business owners had trouble obtaining outside funding. More than half of UK SME owners have taken our loans to support their businesses.

Businesses and lenders cannot prosper in the current small business lending climate. Since lenders lack the information needed to make informed choices, and the application procedure is so onerous for SMEs, many of these owners are now choosing to take out personal loans instead of applying for business financing altogether.

This news comes as UK’s economic crisis is anticipated to further exacerbate the situation, and over three-quarters of SME owners stated they are not likely to apply for additional financing next year because of the costs and logistical hurdles of doing so. More than a quarter of SMEs stated their company would develop quicker if it was simpler to get financing.

We're here to help

We know there’s a funding crisis facing SMEs, and many of the high street banks aren’t funding businesses that need it the most. Let Apollo be your support partner. We’re happy to fund any business regardless of size, poor credit, or CCJs. We believe every business deserves a chance to thrive.

For more information please email enquiries@apollofinance.biz