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More than three-quarters (76%) of business finance specialists say the Government’s policies have had a negative impact on the UK’s 5.5m small and medium-sized enterprises (SMEs), with the situation predicted to worsen at the Budget.
A new economic report reveals that over twice as many B2B suppliers now offer 60-day payment terms compared to 2020, with eight in 10 adjusting terms to secure customers, increasing risk for sellers. Nearly half of UK suppliers are owed over £10,000, and many lack confidence in assessing customer creditworthiness, with only 58% conducting credit checks.
The latest iwoca SME Expert Index reveals a surge in optimism among SME finance brokers, with 73% feeling positive about the future of small businesses. Despite the economic challenges, recession fears are at a record low, although political uncertainty remains a concern, with mixed opinions on the new Labour Government’s impact on SMEs.
SME lender iwoca publishes annual ‘Top 25 Towns & Cities for SME Jobs’ ranking for 2024, revealing the best places in Britain to work for a small business
SMEs are increasingly seeking larger loans over £100,000, with applications growing by 56% as optimism and demand for finance rise in 2024.
iwoca secures £150m from Citibank and Insight Investment for its German expansion, as well as an additional £120m from Barclays and Värde Partners for the UK, taking total gross investment in the business past £1bn.
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