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

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 hesitant to provide funding to small businesses due to a lack of information and a lack of understanding of the unique needs and challenges of these businesses.

Additionally, the application process for traditional business loans can be onerous and time-consuming for small business owners, who are often already stretched thin by the demands of running a business.

This trend is likely to be exacerbated by the ongoing economic crisis in the UK, as many small business owners are finding it increasingly difficult to access the funding they need to survive and thrive.

With over three-quarters of SME owners stating they are not likely to apply for additional financing next year, and more than a quarter of SMEs stating that their company would be able to grow more quickly if it were easier to obtain financing.

We're here to help

At Apollo, we believe that every business deserves a chance to succeed. We understand the unique funding needs of small businesses and are committed to providing support to businesses of all sizes, regardless of poor credit or CCJs.

We offer a wide range of funding options to help small businesses get the funding they need to start or grow their companies. Whether you’re looking for a small business loan, a line of credit, or another type of funding, we’re here to help. Let us be your partner in funding your business’ success.